Video game with venture capital funding voting

ABSTRACT

The disclosure provides novel video game methods and systems for obtaining funding for developing game environments. Methods and systems include a variety of funding sources including taxes, fees, licenses, bond issuance, loans, investors, commercial paper, convertible debt, bills, notes, debt issuance, promissory notes, venture capital, the issuance of private shares, transforming the game environment into a public company through an initial public offering, or through a follow on offering such as the issuance of common stock, preferred stock, or treasury stock. In one embodiment the disclosure provides methods and systems for allowing members of a Venture Capital entity to vote on whether or not to fund a given venture.

PRIORITY CLAIM

The following application is a continuation-in part of U.S. patentapplication Ser. No. 11/380,489, filed Apr. 27, 2006 which is acontinuation in part of U.S. patent application Ser. No. 11/279,991,filed Apr. 17, 2006, which is a continuation-in-part of U.S. patentapplication Ser. No. 11/355,232, filed Feb. 14, 2006, which claimspriority to U.S. Provisional Application Ser. No. 60/727,121 “Methods,Processes, and System to Enhance a Player Experience of a Video Game”filed Oct. 14, 2005. Each of which is hereby incorporated by reference.

BACKGROUND

Video games which are accessible to multiple players via a server orpeer to peer network are well known. For example, hundreds of thousandsof players access games known as massive multi-player online games(MMOGs) and massive multi-player online role playing games (MMORPGs).Players of these games customarily access a game repeatedly (fordurations typically ranging from a few minutes to several days) over agiven period of time, which may be days, weeks, months or even years.The games are often constructed such that players pay a periodicsubscription price (e.g., $15 per month) rather than, or in addition to,paying a one time purchase price for the game. Often, though notnecessarily, these games have no ultimate “winner” or “winning goal,”but instead attempt to create an enjoyable playing environment and astrong player community.

It would be advantageous to provide improved methods and apparatus forincreasing the enjoyment and/or longevity of video games including, butnot necessarily limited to MMOGs and MMORPGs.

BRIEF DESCRIPTION OF THE DRAWINGS

FIG. 1 is a block diagram depicting a network according to an embodimentof the present disclosure.

FIG. 2 is a block diagram depicting a system 100 according to oneembodiment of the present invention.

FIG. 3 is a block diagram depicting a system 200 according to oneembodiment of the present invention.

FIG. 4 is a block diagram depicting a system 300 according to oneembodiment of the present invention.

FIG. 5 is a block diagram depicting a system 400 according to oneembodiment of the present invention.

FIG. 6 is an embodiment of a method of forming a venture capital fund.

FIG. 7 is a block diagram depicting a system 500 according to oneembodiment of the present invention.

DETAILED DESCRIPTION

Definitions:

Unless stated to the contrary, for the purposes of the presentdisclosure, the following terms shall have the following definitions:

Credit Card—a credit instrument issued by a real or virtual worldinstitution to a player that allows the player to make purchases byproviding an account identifier (e.g. a credit card number) rather thancash or other currency. An example is a credit card like those issued byVisa, MasterCard, or American Express. For the purposes of the presentdisclosure, the term “Credit card” is intended in a very broad sense andis not limited to those situations in which a player's purchases aremade on credit (i.e. where payments for those purchases is not due untila later time) but also includes financial instruments such as debitcards, check cards, lines of credit and the like.

Virtual credit card—a financial instrument issued in a virtualenvironment that acts in the virtual environment for virtual currencythe way a real world credit card acts in the real world for realcurrency.

Real Cash Value—the value in real dollars of the virtual currency. Thisvalue can be determined by multiplying the value of a virtual currencyamount by the current exchange rate to real dollars.

Total virtual obligation amount—the total amount of the virtualfinancial obligation(s) associated with a player character's account.

Virtual Contract—An enforceable agreement between a first playercharacter and either another player character, a game server, or a thirdparty. Some examples of virtual contracts are provided in U.S.Provisional Patent Application Ser. No. 60/652,036, which is herebyincorporated by reference in its entirety for all purposes.

Virtual—shall mean in a video game environment or other intangiblespace.

Virtual World—a world created in an online game such as World ofWarcraft, or a virtual community such as Second Life, Eve or There.com.

Virtual Creditor-shall mean a first player character or other entity whois owed a virtual obligation by a second player character.

Virtual Credit Score—a score given to player characters in a video gamebased on one or more of the following criteria: the virtual assets theypossess, the age of the character account, the type of account, e.g.basic or premium, the available credit line of the credit cardassociated with the account, the existing virtual financial obligationsof the player character account, the player character's payment historyincluding days to pay, amounts overdue or delinquent, and/or the playercharacter's real world credit score, and/or the factors used in the realworld to determine a credit score.

Virtual Financial Account—a virtual account issued to a player characterby a virtual bank, game server or third party where virtual cash can bedeposited and withdrawn.

Virtual Financial Obligation—An agreement by a player character orentity to pay one or more game attributes to another player character,entity or the game server. This obligation can be a one time payment, ormay require multiple payments over time. The obligation may specify whenpayments and/or interest are due.

Virtual Financial Intermediary—Financial intermediaries are institutionsincluding depository institutions, contractual savings institutions, andinvestment intermediaries which offer financial products and servicesfor use within the virtual environment. The various financialintermediaries available in the virtual environment may each servedifferent or overlapping purposes and provide means for using, saving,borrowing and transferring currency.

Virtual Financial Obligation Value—the in game value of the obligation.For virtual cash the value may be stated as a virtual and/or real cashamount. For other game attributes, the value can be determined bygenerating a virtual cash market value for the item based on the currentvalue in an online marketplace or exchange. The value of the obligationmay be fixed or variable and may also be set as a condition of theplayer contract and/or by the game server or other entity.

Billing Information—shall mean any information pertaining to billing aplayer for playing a game, accessing a game, purchasing goods orservices, or any other reasons. Billing information may include suchreal world information as a billing address, credit card account number,bank account number, pay pal account number or other paymentfacilitator, or the account number of any other financial entityproviding a real world credit line or any other payment-relatedinformation.

Character or “player character”—a persona created and controlled by aplayer in a video game.

Avatar—the virtual representation of a player character.

Character Account—an account that tracks character attributes.

Character Attribute—any quality, trait, feature or characteristic aparticular Character can have that is stored in the correspondingCharacter Account. Character Attributes may include, but are not belimited to:

-   -   1. A character score    -   2. A virtual object    -   3. The physical appearance of a character    -   4. An emblem or mark    -   5. A synthetic voice    -   6. Virtual currency    -   7. Virtual help points or credits    -   8. The ability to join groups of other players at a later time    -   9. A score for subsequent matching of later game parameters    -   10. A relationship with another character    -   11. A genetic profile or makeup    -   12. A skill or skill level    -   13. A ranking

Character Life—a fixed or variable, finite or infinite period of virtualor real world time that a player character can exist in a gameenvironment.

Character Skills—game attributes inherent in or acquired by a playercharacter during game play such as, but not limited to: the ability tocast (certain) spells, foretell the future, read minds, use (certain)weapons, cook, hunt, find herbs, assemble herbs into potions, mine,assemble objects into other objects, fly, and/or enchant other playercharacters.

Computer Generated (CGC) or Non-Player (NPC) Character—any characterthat is controlled by the game system and/or a computer program and/orrules established by the game system and/or a player and not by a playeron a continuous basis.

Game performance parameter—any aspect of a Video Game by which a playercharacter's performance can be measured. Game Parameters shall include,but not be limited to:

-   -   1. Completing all or part of a mission    -   2. Playing for a certain period of time    -   3. Winning a match against another player character or computer        generated character    -   4. Reaching a certain level or score    -   5. using or obtaining an ability or technology    -   6. kill/death ratios    -   7. obtaining, creating or modifying an object    -   8. solving a puzzle    -   9. accuracy with weapons    -   10. effective use of the proper weapon    -   11. killing a certain character/creature    -   12. getting through or to a certain geographic area    -   13. decreasing or increasing Karma Points    -   14. getting, buying, exchanging or learning a new skill or        player attribute    -   15. having a child    -   16. getting married    -   17. obtaining, buying, trading, producing or developing raw        materials    -   18. producing goods or services    -   19. earning income    -   20. earning a higher rank in an army    -   21. winning an election among two or more player characters    -   22. achieving deity or other status    -   23. improving player character status or caste    -   24. assisting other player characters with any of the above    -   25. speed of accomplishing or changing the rate or trends of any        or all of the above.

In-game Marketplace—shall mean a virtual environment where Characterscan exchange items, attributes, or any other exchangeable game element.

Novice Player—shall mean a player that is identified as requiring thehelp of an expert to complete a Game Parameter.

Player—shall mean an individual who can register an account with a VideoGame Central Server or within a peer-to-peer network and createCharacters that can interact with other Characters in a VirtualEnvironment, and/or that can authorize a NPC to act on the player'sbehalf.

Player Account—shall mean an account on the Video Game Central Server orwithin a peer-to-peer network that contains a Player profile includingpersonal, billing, and character account information.

Player Attribute—shall mean any attribute that can be applied to aplayer account. Player Attributes shall include, but not be limited to:

-   -   1. Real Currency.    -   2. Discount of monthly fees for playing game.    -   3. Monthly fee for playing a game.    -   4. Interest rates for use of or borrowing real or virtual cash        amounts.    -   5. Global character attribute settings for all characters        created by player across multiple games.    -   6. Rewards for encouraging another player to signup to play.

Player to Player Contract—a real and/or virtual but binding contractbetween player characters that allows the players to provide or exchangegame attributes to one another. Once a player-to-player contract isestablished, the game server or peer-to-peer network automaticallydistributes acquired game attributes between the player characters basedon the contract conditions.

Video Game—a game played on a Video Game Consul that may or may not benetworked to a Video Game Central Server or within a peer-to-peernetwork.

Video Game Consul—a device comprising a CPU, memory and optionalpermanent storage residing at a player location that can allow for theplaying of video games. Examples include, home PCs, Microsoft Xbox, andSony Playstation.

Video Game Central Server—a CPU, memory and permanent or temporarystorage that is connected to multiple Video Game Consuls that allows forMassive Multi Player Online Video Games to be played.

“Game Environment”—a particular level or area within a virtual world.Each game environment may have its own rules, regulation, currency,government, managers, etc. Game environments may exist within other gameenvironments.

The term “variation” of an invention means an embodiment of theinvention, unless expressly specified otherwise.

A reference to “another embodiment” in describing an embodiment does notimply that the referenced embodiment is mutually exclusive with anotherembodiment (e.g., an embodiment described before the referencedembodiment), unless expressly specified otherwise.

The terms “including”, “comprising” and variations thereof mean“including but not limited to”, unless expressly specified otherwise.

The term “consisting of” and variations thereof mean “including andlimited to”, unless expressly specified otherwise.

The terms “a”, “an” and “the” mean “one or more”, unless expresslyspecified otherwise.

The term “plurality” means “two or more”, unless expressly specifiedotherwise.

The term “herein” means “in this patent application, including anythingwhich may be incorporated by reference”, unless expressly specifiedotherwise.

The phrase “at least one of”, when such phrase modifies a plurality ofthings (such as an enumerated list of things) means any combination ofone or more of those things, unless expressly specified otherwise. Forexample, the phrase “at least one of a widget, a car and a wheel” meanseither (i) a widget, (ii) a car, (iii) a wheel, (iv) a widget and a car,(v) a widget and a wheel, (vi) a car and a wheel, or (vii) a widget, acar and a wheel.

The phrase “based on” does not mean “based only on”, unless expresslyspecified otherwise. In other words, the phrase “based on” describesboth “based only on” and “based at least on”.

The term “represent” and like terms are not exclusive, unless expresslyspecified otherwise. For example, the term “represents” does not mean“represents only”, unless expressly specified otherwise. In other words,the phrase “the data represents a credit card number” describes both“the data represents only a credit card number” and “the data representsa credit card number and the data also represents something else”.

The term “whereby” is used herein only to precede a clause or other setof words that express only the intended result, objective or consequenceof something that is previously and explicitly recited. Thus, when theterm “whereby” is used in a claim, the clause or other words that theterm “whereby” modifies do not establish specific further limitations ofthe claim or otherwise restricts the meaning or scope of the claim.

The term “e.g.” and like terms means “for example”, and thus does notlimit the term or phrase it explains. For example, in the sentence “thecomputer sends data (e.g., instructions, a data structure) over theInternet”, the term “e.g.” explains that “instructions” are an exampleof “data” that the computer may send over the Internet, and alsoexplains that “a data structure” is an example of “data” that thecomputer may send over the Internet. However, both “instructions” and “adata structure” are merely examples of “data”, and other things besides“instructions” and “a data structure” can be “data”.

The term “determining” and grammatical variants thereof (e.g., todetermine a price, determining a value, determine an object which meetsa certain criterion) is used in an extremely broad sense. The term“determining” encompasses a wide variety of actions and therefore“determining” can include calculating, computing, processing, deriving,investigating, looking up (e.g., looking up in a table, a database oranother data structure), ascertaining and the like. Also, “determining”can include receiving (e.g., receiving information), accessing (e.g.,accessing data in a memory) and the like. Also, “determining” caninclude resolving, selecting, choosing, establishing, and the like. Itdoes not imply certainty or absolute precision, and does not imply thatmathematical processing, numerical methods or an algorithm process beused. Therefore “determining” can include estimating, predicting,guessing and the like.

It will be readily apparent to one of ordinary skill in the art that thevarious processes described herein may be implemented by, e.g.,appropriately programmed general purpose computers and computingdevices. Typically a processor (e.g., one or more microprocessors, oneor more microcontrollers, one or more digital signal processors) willreceive instructions (e.g., from a memory or like device), and executethose instructions, thereby performing one or more processes defined bythose instructions.

A “processor” means one or more microprocessors, central processingunits (CPUs), computing devices, microcontrollers, digital signalprocessors, or like devices or any combination thereof. Thus adescription of a process is likewise a description of an apparatus forperforming the process. The apparatus can include, e.g., a processor andthose input devices and output devices that are appropriate to performthe method. Further, programs that implement such methods (as well asother types of data) may be stored and transmitted using a variety ofmedia (e.g., computer readable media) in a number of manners. In someembodiments, hard-wired circuitry or custom hardware may be used inplace of, or in combination with, some or all of the softwareinstructions that can implement the processes of various embodiments.Thus, various combinations of hardware and software may be used insteadof software only.

The term “computer-readable medium” refers to any medium thatparticipates in providing data (e.g., instructions, data structures)which may be read by a computer, a processor or a like device. Such amedium may take many forms, including but not limited to, non-volatilemedia, volatile media, and transmission media. Non-volatile mediainclude, for example, optical or magnetic disks and other persistentmemory. Volatile media include dynamic random access memory (DRAM),which typically constitutes the main memory. Transmission media includecoaxial cables, copper wire and fiber optics, including the wires thatcomprise a system bus coupled to the processor. Transmission media mayinclude or convey acoustic waves, light waves and electromagneticemissions, such as those generated during radio frequency (RF) andinfrared (IR) data communications. Common forms of computer-readablemedia include, for example, a floppy disk, a flexible disk, hard disk,magnetic tape, any other magnetic medium, a CD-ROM, DVD, any otheroptical medium, punch cards, paper tape, any other physical medium withpatterns of holes, a RAM, a PROM, an EPROM, a FLASH-EEPROM, any othermemory chip or cartridge, a carrier wave as described hereinafter, orany other medium from which a computer can read.

Various forms of computer readable media may be involved in carryingdata (e.g. sequences of instructions) to a processor. For example, datamay be (i) delivered from RAM to a processor; (ii) carried over awireless transmission medium; (iii) formatted and/or transmittedaccording to numerous formats, standards or protocols, such as Ethernet(or IEEE 802.3), SAP, ATP, Bluetooth™, and TCP/IP, TDMA, CDMA, and 3G;and/or (iv) encrypted to ensure privacy or prevent fraud in any of avariety of ways well known in the art.

Thus a description of a process is likewise a description of acomputer-readable medium storing a program for performing the process.The computer-readable medium can store (in any appropriate format) thoseprogram elements which are appropriate to perform the method.

Just as the description of various steps in a process does not indicatethat all the described steps are required, embodiments of an apparatusinclude a computer/computing device operable to perform some (but notnecessarily all) of the described process.

Likewise, just as the description of various steps in a process does notindicate that all the described steps are required, embodiments of acomputer-readable medium storing a program or data structure include acomputer-readable medium storing a program that, when executed, cancause a processor to perform some (but not necessarily all) of thedescribed process.

Where databases are described, it will be understood by one of ordinaryskill in the art that (i) alternative database structures to thosedescribed may be readily employed, and (ii) other memory structuresbesides databases may be readily employed. Any illustrations ordescriptions of any sample databases presented herein are illustrativearrangements for stored representations of information. Any number ofother arrangements may be employed besides those suggested by, e.g.,tables illustrated in drawings or elsewhere. Similarly, any illustratedentries of the databases represent exemplary information only; one ofordinary skill in the art will understand that the number and content ofthe entries can be different from those described herein. Further,despite any depiction of the databases as tables, other formats(including relational databases, object-based models and/or distributeddatabases) are well known and could be used to store and manipulate thedata types described herein. Likewise, object methods or behaviors of adatabase can be used to implement various processes, such as thedescribed herein. In addition, the databases may, in a known manner, bestored locally or remotely from any device(s) which access data in thedatabase.

Various embodiments can be configured to work in a network environmentincluding a computer that is in communication (e.g., via acommunications network) with one or more devices. The computer maycommunicate with the devices directly or indirectly, via any wired orwireless medium (e.g. the Internet, LAN, WAN or Ethernet, Token Ring, atelephone line, a cable line, a radio channel, an optical communicationsline, commercial on-line service providers, bulletin board systems, asatellite communications link, or a combination of any of the above).Each of the devices may themselves comprise computers or other computingdevices, such as those based on the Intel® Pentium® or Centrino™processor, that are adapted to communicate with the computer. Any numberand type of devices may be in communication with the computer.

In an embodiment, a server computer or centralized authority may not benecessary or desirable. For example, the present invention may, in anembodiment, be practiced on one or more devices without a centralauthority. In such an embodiment, any functions described herein asperformed by the server computer or data described as stored on theserver computer may instead be performed by or stored on one or moresuch devices.

DESCRIPTION

Massive multi player online games (MMOGs) or massive multi-player roleplaying games (MMORPGs) are computer game which are capable ofsupporting hundreds, thousands, or millions of players simultaneously.Typically, this type of game is played in a giant persistent world wherethe game continues playing regardless of whether or not real players arelogged in. Players commonly access these games through a network such asthe Internet, and may or may not be required to purchase additionalsoftware or hardware in order to play the game. Such networks allow forpeople all over the world to participate and interact with each other ina virtual environment. The present disclosure provides systems andmethods which contribute to the evolution and longevity of such a game.

The herein described aspects and drawings illustrate componentscontained within, or connected with other components that permit play inthe virtual environment. It is to be understood that such depicteddesigns are merely exemplary and that many other designs may beimplemented to achieve the same functionality. Any arrangement ofcomponents to achieve the same functionality is effectively associatedsuch that the desired functionality is achieved. FIG. 1 provides anexemplary network which may be used to support a virtual environment.

Referring to FIG. 1, a network 10 according to one embodiment includes acentral server 20 in communication with a plurality of video gameplaying units 18. Those of ordinary skill in the art will appreciatethat any number of video game playing units may be in communication withthe central server. Typically, the number of video game playing unitschanges at various times as players join games and as players stopplaying games. Similarly, more than one server may operate to coordinatethe activities of the video game playing units, as is well known in theart.

Central server 20 may comprise any computing device (e.g., one or morecomputers) capable of communicating with other computing devices. Theserver 20 typically comprises a processor which is in communication witha storage device, such as an appropriate combination of RAM, ROM, harddisk, and other well known storage media. Central server 20 may compriseone or more personal computers, web servers, dedicated game servers,video game consoles, any combination of the foregoing, or the like.

Each video game device 18 may comprise any device capable ofcommunicating with central server 20, providing video game informationto a player, and transmitting the player's desired actions to thecentral server. Each video game device typically comprises a processorwhich is in communication with a storage device, such as an appropriatecombination of RAM, ROM, hard disk, and other well known storage media.Suitable video game devices include, but are not limited to, personalcomputers, video game consoles, mobile phones, and personal dataassistants (PDAs).

Some or all of video game 17 can be stored on central server 20.Alternatively, some or all of video game 17 may be stored on theindividual video game devices 18. Typically, the video game devices areable to communicate with one another. Such communication may or may notbe facilitated by central server 20. Accordingly, a player 19 aaccessing video game 17 via game device 18 a may be able to play with aplayer 19 b accessing video game 17 via game device 18 b. As shown, itmay be possible for multiple players (e.g. 19 c, 19 d) to access centralserver 20 via the same game device (e.g. 18 c).

Regardless of whether video game 17 is stored on central server 20 orvideo game devices 18, server 20 is typically configured to facilitateplay of the game between multiple game players.

Those having skill in the art will recognize that there is littledistinction between hardware and software implementations. The use ofhardware or software is generally a choice of convenience or designbased on the relative importance of speed, accuracy, flexibility andpredictability. There are therefore various vehicles by which processesand/or systems described herein can be effected (e.g., hardware,software, and/or firmware) and that the preferred vehicle will vary withthe context in which the technologies are deployed.

At least a portion of the devices and/or processes described herein canbe integrated into a data processing system with a reasonable amount ofexperimentation. Those having skill in the art will recognize that atypical data processing system generally includes one or more of asystem unit housing, a video display device, memory, processors,operating systems, drivers, graphical user interfaces, and applicationprograms, interaction devices such as a touch pad or screen, and/orcontrol systems including feedback loops and control motors. A typicaldata processing system may be implemented utilizing any suitablecommercially available components to create the gaming environmentdescribed herein.

While virtual environments as previously described allow forinteractions between players, the amount and depth of interaction may belimited by the parameters of the game. For example, most virtualenvironments lack sophisticated financial systems. They therefore limitthe capital raising ability of virtual entities such as gameenvironments as well as potential investment opportunities forcharacters. This limits the scope of interactions available and inhibitsgrowth and development of both the virtual economy and the virtualenvironment, decreasing the depth and enjoyment of play available.

Various embodiments of the invention address this issue by providing ameans for raising funds for development in an online environment. Such asystem allows for the development of the game and widens the financialopportunities available to players, increasing the enjoyment of theplayers and the sophistication of play available.

Funding may be sought for a variety of reasons including, but notlimited to expansion plans, public works, construction, public services,development of infrastructure, the building of any virtual business, thepromotion of any virtual business or event, the payment of a virtualdesign on any virtual product, the performance of one or more virtualservices, or any of a myriad of other reasons for which exterior fundingmay be required. Such funding may be obtained through a variety of meansboth public and private including, but not limited to, taxes, fees,licenses, bond issuance, loans, investors, commercial paper, convertibledebt, bills, notes, debt issuance, promissory notes, venture capital,the issuance of private shares, transforming the game environment into apublic company through an initial public offering, or through a followon offering such as the issuance of common stock, preferred stock, ortreasury stock.

In one embodiment, a game environment may impose virtual taxes on thecharacters that play in that environment and/or businesses that operatein an environment. Taxes may be imposed using any means applicable andin any form suited to meet the purposes of the game environment imposingthe taxes. Taxes may be direct or indirect. They may be ad valorum taxessuch as sales taxes, tariffs, property taxes, inheritance taxes, andvalue added taxes. Tax rates may be progressive or flat. There may beincome taxes, retirement taxes, capital gains taxes, corporate taxes,poll taxes, excises, toll taxes, use taxes, transfer taxes, inheritancetaxes, and wealth taxes. Such taxes may be flat fees, percentages, or acombination thereof.

In another embodiment, the virtual tax system could be a lottery. Thevirtual governing body could set the lottery ticket price, where thefunds are allocated, the percentage of the collected funds that will bedistributed to the winner, and the method of distribution. The winningnumber or other indication of winning could be determined by anindependent party or by the governing body. In one embodiment, the fundsthat are not distributed to the winner could be used to fund virtualpublic works.

In a further embodiment, a game environment may charge fees or requirelicenses for certain virtual services. For example, fees may be chargedto open virtual businesses. There may be exchange fees, servicing fees,credit verification fees, processing fees, insurance fees, applicationfees, late payment fees, prepayment fees, etc. For example, a player orvirtual business interested in providing financing options may berequired to have a premium account or may be required to pay a fee. Inanother embodiment, characters providing certain services such asvirtual exchange trading may need to pay a licensing fee in order torepresent other characters. Fees may be flat fees, per transaction fees,a fee based on a percentage of the transaction or any combination of theabove.

In one embodiment, fees may be charged for the use of the virtualproject being funded. For example, residents of a game environment maybe assessed a fee for the construction of a virtual public work fromwhich they will receive the benefit. In another embodiment, characterscould be charged a fee for the use of a virtual public work and suchfees could be used to construct other virtual public works. Fees may bea flat fee, a per transaction fee, a percentage fee, or a combinationthereof. In yet another embodiment, those who helped fund the virtualpublic work, will not be charged a fee or may be charged a reduced feeto use the virtual public work once it is completed, while those who didnot contribute to its construction would be charged a larger fee. Suchrights to reduced or eliminated fees may be marketable, inheritable, orattached to the character who paid the initial fee. An evaluation ofsuch rights and an assessment of the necessary fee could be made usingone or more of the following steps:

-   -   1. Determine that a player has used a virtual asset.    -   2. Determine if player assisted in funding the virtual asset.    -   3. Determine a fee for using the virtual asset based on whether        or not and to what degree character funded the creation of the        virtual asset.    -   4. Output fee to player.        In another embodiment, the character could request to use the        virtual public work and be assessed a fee using some or all of        the following steps:    -   1. Receive a request to use a virtual utility.    -   2. Determine a usage fee and a registration fee.    -   3. Output fees.    -   4. Receive payment for fees.    -   5. Register player or group of players to use utility, including        player character credit card to be charged if virtual cash is        not available for fee.        Fees could also be assessed automatically, for example using        some or all of the following steps:    -   1. Determine a virtual cash fee is due for using a utility;    -   2. withdraw virtual cash fee from account(s) of player character        or group of player characters using the utility.        If the virtual cash fee is not available, then some or all of        the following steps could be used to obtain fees from other        sources:    -   1. Determine real cash value for the utility fee.    -   2. Retrieve credit card associated with player character.    -   3. Charge real cash value to credit card.    -   4. Convert real cash into virtual cash.    -   5. Deposit virtual cash into account.

In a further embodiment, a game environment, including a business, mayobtain funds from third parties on a temporary basis. Funds may be lentthrough the issuing of virtual bonds, virtual governing entitysecurities, and virtual consumer and commercial loans or by any othermeans typically used to advance funds.

It is to be understood that players may control one or more charactersand each character may apply for and obtain one or more loans.Additionally, groups of characters may come together and apply forloans. In some embodiments, a player character may be limited fromlending currency to himself, another player character controlled by thesame player, or a player character that is a family member, guildmember, or affiliated in some way with the lending player character. Forexample, a virtual state run virtual bank may be prohibited from lendingmoney to the virtual state that controls it.

For ease of description, the term “bank” is used throughout the presentdisclosure when describing an exemplary embodiment of a financialintermediary or other lending entity which may function as a lendinginstitution, however it is understood that the processes as describedherein may apply to any type of financial intermediary or lendinginstitution and the types of services they generally provide in the realworld. Virtual banks are described, for example, in co-pending U.S.patent application Ser. No. 11/421,263, filed May 30, 2006 and11/535,585, filed Nov. 27, 2006, each of which is hereby incorporated byreference.

A virtual loan may be obtained by applying for a loan, receiving theterms of the loan, agreeing to the terms of the loan and receiving thefunds. An exemplary system 100 configured to provide the virtualenvironment described above is shown in FIG. 2. As shown, system 100 mayinclude a game server 102, a bank server 104, and a credit card server106.

Game server 102 may include a Loan Creation Program 108, whereby a bankserver or other third party can register a loan with the game server.Game server 102 may further include a Loan Payment Program 110, a LoanConverted to Shares of Asset Program 120 and a Loan Registration Program122. Bank Server 104 may equally be any other financial intermediaryserver including a contractual savings institution or investmentintermediary server. Such servers 104 may include a Loan GenerationProgram 126, a Register Loan with Game Server Program 130, a LoanPayment Program 138, a Ping Credit Line 140, a Prohibit Sale of VirtualAssets Program 142, a Release Credit Line when Loan is paid 144, and aLoan Converted to Shares of Asset Program 154. Bank server 104 mayadditionally include databases such as loan account database 170 andaccount database 174. Credit Card Server 106 may include a Lock CreditLine Program 158, a Release Credit Line 162, and a Ping Credit Lineprogram 164.

Loan Generation Program 126 may create a loan using some or all of thefollowing method steps:

-   -   1. Receive a request to borrow virtual cash including a player        character ID and a real world account number.    -   2. Validate real world account number and credit line amount.    -   3. Determine a virtual loan amount based on credit line amount.    -   4. Determine an interest rate and virtual payment schedule.    -   5. Output a virtual loan offer including a virtual cash loan        amount, virtual interest rate and virtual payment schedule to        player character.    -   6. Receive acceptance of virtual loan offer from player        character(s).    -   7. Lock real world credit line.    -   8. Create new virtual loan record.    -   9. Output virtual currency to game environment account.        In one embodiment, the virtual loan may be registered with the        game server using loan registration program 122. In another        embodiment, a credit line provided may be locked using lock        credit line program 158. In a further embodiment, information        regarding repayment of a loan may be stored using loan payment        program 1110. All information regarding the virtual loan may be        stored by any means applicable, for example in loan account        database 170.

In one embodiment, the virtual loan may be the sum of the credit lines agroup of player characters are willing to make available on their creditcard accounts to secure the loan. In another embodiment, a gameenvironment may borrow funds based on its own standing without thesecurity offered by the player characters controlling the gameenvironment. A game environment may have its own accounts, its ownfunding, and may be evaluated based on its own history, creditworthinessor other valuation.

Virtual loans may be secured or unsecured. An unsecured loan is a loanthat is issued and supported only by the borrower's creditworthiness,rather than by some sort of collateral. A secured loan is a loan whichis backed by collateral. Such collateral may belong to the character orgame environment seeking the loan or to a third party. The collateralmay be a real world credit line supported by a real world financialinstitution, a real world financial security, a real world asset, avirtual financial institution, a virtual credit line, a virtualfinancial security, a virtual property or business, a virtual asset, areal world property, a promise to perform certain services or anycombination thereof.

In one embodiment, the collateral is a real world credit line. Eachplayer may indicate the amount of collateral in the form of the realworld credit line he is willing to allocate against the virtual loan.Such a real world credit line may be a credit card, debit card, privateor public payment facilitator account (i.e. paypal), brokerage account,equity line or other financial security and/or the financial security ofanother player character and/or a non-playing third party, such as abank, credit institution, credit card company, mutual fund, hedge fund,insurance company, etc. or any combination of these or any other type ofreal world financial instrument or institution that provides a creditline or holds or secures assets for third parties.

According to one embodiment, real world credit lines can be frozen bythe bank owner or game server, and/or just periodically “pinged” toensure their validity and that sufficient credit is available tounderwrite the loan. The continuing availability of the real worldcredit line may be determined by any means applicable. According to oneembodiment, Ping Credit Line program 138 may be configured to completesome or all of the following steps:

-   -   1. Determine that a player character has an outstanding virtual        loan.    -   2. Determine real and virtual cash value of loan.    -   3. Retrieve credit card associated with loan.    -   4. Ping credit card for the outstanding real cash value of the        loan amount.    -   5. If credit equal to loan amount is not available.    -   6. Liquidate virtual assets of player character equal to virtual        cash value of virtual loan.    -   7. Deposit virtual cash in loan account to pay off loan.        The “ping” from the bank server may be responded to by ping        credit line program 164 on the credit card issuer server.

In the event a credit line securing the virtual loan is cancelled orclosed, the system could receive notification that the credit card orcredit line is no longer valid. Upon notification that a credit line isno longer valid, the bank, system, game owner, server owner, or otherdebt holder may require payment in full of the virtual loan, require theplayer to provide a new credit line, require additional collateral tosecure the virtual loan, secure a secondary line of credit which waspreviously provided or may be secured from other player characters,notify other characters of the opportunity to purchase a virtual loan,foreclose on virtual assets held by the defaulting character, freeze thevirtual accounts of the character or player, or any combination thereof.In another embodiment, the balance of the virtual loan may bereallocated among the remaining credit cards securing a group loan.

The lock on the real world credit line may be released when the virtualloan is repaid. According to one embodiment, Release Credit Line whenLoan is Paid program 144 may be configured to:

-   -   1. Receive indication that final payment of virtual loan has        been received.    -   2. Retrieve credit card associated with virtual loan.    -   3. Notify credit card issuer to release credit line.

Alternatively, as the virtual loan is paid down, a percentage of thereal world credit line(s) may be released in proportion to or in someother ratio with the amount paid. In this example, the real world creditline held is reduced as the virtual loan is repaid, instead of waitingfor the entire virtual loan to be repaid, thus freeing real world creditlines for other purposes. Such a release could be managed by any meansavailable. According to one embodiment, Release Credit Line when Loan isPaid program 144 may be configured to:

-   -   1. Receive indication that a periodic payment of virtual loan        has been received.    -   2. Retrieve credit card associated with virtual loan.    -   3. Notify credit card issuer to release an equal or other        determined portion of the credit line.        Management of information regarding payments which would trigger        Release Credit Line when Virtual Loan is Paid program 144 may be        controlled by Virtual Loan Payment program 138. This program may        then instruct the credit card issuer server to release the        credit line using Release Credit Line program 162.

A real or virtual credit line can secure the virtual loan paymentamount, the entire virtual loan amount, or a ratio of the two. Incalculating the amount to be secured factors such as game growth rates,taxes, inflation and/or exchange rates, credit worthiness of thecharacter or player, riskiness of the venture or purpose of the virtualloan, the amount of debt the character, player or game environment hasoutstanding, or any combination thereof may be considered in determiningthe total amount to secure on the real world credit line. Suchdeterminations and evaluations may be made by a) the game manufacturer,b) the owner(s) of the server(s) upon which the game resides, c) one ormore player characters, d) market forces, e) negotiation among theaffected parties, f) any combination of the above. Information regardingthe credit lines used to secure a virtual loan may be stored by anymeans applicable. In one embodiment, such information may be stored inAccount database 174.

In one embodiment, the amount of a real world credit line to be frozencan be based on the exchange rate of virtual currency for real currency.According to one embodiment, the exchange rate could be one for one.Alternatively, the exchange rate may be based on the exchange rate atthe time of the formation of the loan. It may also be based on theexchange rate at the time the player's credit card or other credit lineis charged. In another embodiment, the exchange rate may be adjustablefor the term of the loan. Such adjustments may be based on inflation,actual exchange rates, market forces or other economic indicators or acombination thereof. The exchange rate may be fixed in that the ratedoes not change for the duration of the game or segment of the game.Alternatively, the exchange rate may be pegged to a floating real worldexchange relationship, for example the U.S. dollar/Japanese yen spotexchange rate, a percentage thereof, a plus or minus adjustment thereof,some other economic indicator, or a combination thereof. The exchangerate may also vary depending on the country of origin of the player, ormay be fixed to a particular real world currency, i.e., all exchangerates are quoted in dollars. In another embodiment, the exchange ratemay be floating and determined by market forces such as the relativedemand for virtual currency versus real world currency. Said exchangerates may further be established or determined by any suitable methodincluding, but not limited to, by a) the game manufacturer, b) theowner(s) of the server(s) upon which the game resides, c) one or moreplayer characters, d) market forces, e) negotiation among the affectedparties, f) any combination of the above. The exchange rate may also becomposed of any combination of the above methods. For example, theexchange rate could be fixed for a certain length of time and thenchange to market forces or vice versa. Alternatively, there may be a capon the amount of fluctuation in the exchange rate during the term of theloan.

In the event of a default, the credit cards or other credit lines usedas collateral may be charged according to any of a number of criteriaincluding, but not limited to, charging all of the credit cards used tosecure the virtual loan in equal percentages until the credit line ismaxed out, and then in an equal percentage on the remaining credit linesuntil no credit line is available; in an order designated by the virtualloan agreement, i.e. charge credit card A first up to a fixed amount,then charge credit card B, etc.; or in a ratio specified under the loanagreement.

Alternatively or additionally, the collateral may be a non-financialasset. Such an asset includes any item of economic value including, butnot limited to, a virtual object; a virtual skill or attribute; virtualproperty or business; a real world object or property; a promise toperform certain services, or any combination thereof. In one embodiment,the collateral is the natural resources and/or building materials usedto construct the virtual project. In another embodiment, the collateralmay be a collection of assets held in escrow. In the event of a default,such assets may be sold or otherwise liquidated.

In one embodiment, the bank or other party providing the virtual loanmay desire part ownership in an asset in return for the virtual loan.For example in one embodiment, the virtual loan could be structured sothat it is convertible for a percentage ownership of the virtual item orasset that it was used to purchase or construct (and/or in addition toadditional assets and/or penalties). In this embodiment, the playercharacters that took out the virtual loan or the bank that issued thevirtual loan can convert the virtual loan obligation into a percentageownership of the asset(s) that the virtual loan was used to purchase orcreate. The terms of the conversion could be specified in the virtualloan agreement and the conversion rate may change over time as thevirtual loan balance is reduced.

In another embodiment, the bank or other party may take ownership in thegame environment. Ownership could also be conferred in the issuance ofshares or stock options. Such ownership may include anti-dilutionprovisions, or other provisions designed to protect the stake of thebank or other lending entity. For example, in the event that thepercentage is in stock or stock options, the bank may limit the amountof stock the virtual business may issue such that the percentageownership does not become diluted. In another embodiment, the bank mayreceive a percentage of stock or stock options in the virtual businesswith each issuance of new stock. This decision can be made by the gameserver based on the venture and the player character credit scores orreal world credit line and/or manually. The conversion of the virtualloan to a security or other arrangement may be managed by Loan Convertedto Shares of Asset program 154.

In another embodiment, the bank could obtain possession of the entirevirtual item or asset in the event of a default. The bank could thensell or otherwise dispose of the virtual asset.

Such information or proceeds may be stored by any means available.According to one embodiment such information is generated through LoanConverted to Shares of Asset program 120 which may be configured toperform some or all of the following steps:

-   -   1. Receive a request to convert all or a portion of an        outstanding virtual loan into shares of a virtual asset by a        virtual bank server or player character.    -   2. Retrieve and amend loan obligation.    -   3. Retrieve and amend ownership structure of virtual asset.    -   4. Notify loan parties and owners of asset that virtual loan has        been converted into shares of a virtual asset.

The terms of the virtual loan may include interest. The interest ratemay be fixed in that the rate does not change for the duration of thegame or segment of the game. Alternatively, in another embodiment, theinterest rate is pegged to a floating real world or virtual worldinterest rate, a percentage thereof, or an interest rate plus or minus aparticular sum (i.e. prime+/−2%). An exemplary real world interest ratewould be the three month U.S. treasury bill yield to maturity. Inanother embodiment, the interest rate may be determined by market forcessuch as exchanges in the virtual or real world or other economicindicators. Said interest rates may further be established or determinedby any suitable method including, but not limited to, a) the gamemanufacturer, b) the owner(s) of the server(s) upon which the gameresides, c) one or more player characters, d) market forces, e)negotiation among the affected parties, f) the availability of funds, g)the current or predicted real or virtual credit score of the player, h)the current ratio of bank funds on deposit vs. the total amount ofloans, i) payment performance, j) adherence to loan restrictions orother terms, k) number of initial or subsequent defaults on loans by theplayer character, l) real or virtual credit scores, m) any otherfinancial or other terms as determined by the lender and agreed upon bythe borrower n) by any real world or virtual rule, law or regulation, oro) any combination of the above.

In another embodiment, interest rates may be customized on the basis ofrisk: i.e. reasons for or uses of the proceeds of the virtual loan; thefinancial or business plan underlying the virtual loan; default rate ofthe borrower(s); credit worthiness of the borrower(s); type of virtualinvestment pursued by the borrower(s); portfolio of the bank;outstanding loans of the borrower(s) or the game environment; how muchcurrency the bank has available to lend; costs to the bank for obtainingthe currency; the term of the virtual loan; or any combination thereof.Evaluation of the risk may be determined by a) the game manufacturer, b)the owner(s) of the server(s) upon which the game resides, c) one ormore player characters, d) market forces, e) negotiation among theaffected parties, or f) any combination of these.

In charging interest, the game or virtual bank server may periodicallydetermine an average balance over a fixed time period, multiply thebalance by the specified interest rate and charge the virtual interestrate to the account. Such compounding time periods may be continuouslyhourly, daily, weekly, monthly, yearly or as determined by a) the gamemanufacturer, b) the owner(s) of the server(s) upon which the gameresides, c) one or more player characters, d) market forces, e)negotiation among the affected parties, f) any real world or virtualrule, law or regulation, or g) any combination thereof.

According to another embodiment, some virtual loans may have priorityover other virtual loans, i.e., if a player character enters bankruptcyor otherwise defaults on any virtual loan, some virtual loans mayrecover from the assets of the player character before those of othervirtual loans. Priority of virtual loans may be established at the timethe virtual loan is secured and/or based upon the date secured, forexample, giving preference to virtual loans secured earlier over thosesecured later. Priority may also be granted based on the type of virtualloan obtained, or the type of underlying assets used to secure thevirtual loan. For example, a virtual loan used to purchase property mayhave priority over a virtual loan used to purchase a disposable asset orvice versa.

In another embodiment, the game environment, including a business mayissue virtual bonds in order to raise capital. A bond is a long termdebt security in which the issuer owes the holders a debt and is obligedto repay the principal and interest (the coupon) at a later date, termedmaturity. A game environment may issue any type of bond found in thereal world as well as types of bonds that are only found in the virtualworld. For example, a game environment may issue bonds such as, but notlimited to, fixed rate bonds, floating rate notes, high yield bonds,zero coupon bonds, convertible bonds, inflation linked bonds, indexedbonds, equity linked notes, asset backed securities, including, but notlimited to mortgage-backed securities, collateralized mortgageobligations, collateralized debt obligations, subordinated bonds,perpetual bonds, bearer bonds, open-end bonds, debentures, mortgagebonds, closed end bonds, equipment trust certificates, and book-entrybonds. Such bonds may be collateralized by real or virtual assets or mayhave no collateral.

In one embodiment, for example in the funding of virtual public works,the residents of a game environment may vote to have a virtual bondissuance. For example, a virtual governing body may output a list ofvirtual public projects for which they are seeking funding. Virtualresidents may vote on the virtual projects they want to fund or arewilling to pay for, and virtual projects which are not selected do notget funded. Such a process could be completed using some or all of thefollowing steps:

-   -   1. Output a request for a bond, including a project description        and budget.    -   2. Receive votes on bond.    -   3. If majority of votes favor bond, flag bond and associated        project as approved.

An exemplary system 200 configured to provide the virtual environmentdescribed above is shown in FIG. 3. As shown, system 200 may include agame server 202, a bank server 204, and a credit card server 206.

Game server 202 may include a Bond Creation program 212. Game server 202may additionally include one or more databases including Player Database216, Character Database 218, Game Environment Database 220, BondDatabase 224, Utility Database 228, and Utility Conditions Database 230.Bank server 204 may equally be any other financial intermediary serverincluding a contractual savings institution or investment intermediaryserver. Such servers 204 may include a Bond Payment Program 238 anddatabases such as Bond Database 234 and a Utility Fee Database 236.Credit Card Server 206 may include an Account Database program 242.

According to one embodiment, the game server and the bank server may bethe same server and the method steps for creating and managing utilitiesand bonds can be divided between the two. For instance, bond creationcan be the responsibility of the bank server and registration and feescan be managed by the game server or vice versa.

Bond creation program 212 may be used to format and manage a bondissuance. Information regarding virtual bonds may, for example, bestored in Bond Database 224. Player database 216 may include informationsuch as, but not limited to, player ID, the character(s) controlled bythe player, billing information and personal information. Characterdatabase 218 may include information such as, but not limited to,character ID, player ID, assets, skills, obligations, and gameenvironment access. Game environment database 220 may includeinformation such as ownership, debt, assets, outstanding shares,outstanding bonds, government, natural resources, etc.

In one embodiment, bond creation program 212 may assemble an issuancerequest using some or all of the following steps:

-   -   1. Receive a group registration.    -   2. Receive a virtual Utility plan blueprint and project        timeline.    -   3. Receive a virtual Utility business model, including fees for        using a virtual utility and number of potential player character        users.    -   4. Determine a credit card payment method in the event of a        dividend or bond payment default.    -   5. Generate a list of virtual resources and services required to        complete virtual utility based on blueprint.    -   6. Generate a virtual cash value for the virtual resources and        services.    -   7. Create and store a virtual bond request based on the group,        blueprint, timeline, business model, credit card payment method,        resources, services and cash value.    -   8. Generate a bond request registration fee.    -   9. Charge fee to group account.

Virtual bonds may be issued with particular terms. Such terms includethe interest or coupon rate, a face amount, a maturity date, andpossible options. The interest or coupon rate may be fixed or variable.In one embodiment, the interest rate is pegged to a floating real worldor virtual world interest rate, a percentage thereof, or an interestrate plus or minus a particular sum (i.e. prime+/−2%). An exemplary realworld interest rate would be the three month U.S. Treasury bill yield tomaturity. In another embodiment, the interest rate may be determined bymarket forces such as exchanges in the virtual or real world or othereconomic indicators. Said interest rates may further be established ordetermined by any suitable method including, but not limited to, a) thegame manufacturer, b) the owner(s) of the server(s) upon which the gameresides, c) one or more player characters, d) market forces, e)negotiation among the affected parties, f) the availability of funds, g)by any real world or virtual rule, law or regulation, or h) anycombination of the above. In another embodiment, the interest rate maybe partially fixed and partially variable. The coupon may be paid to thebond holder at any interval agreed upon at the time the bond is issued.For example, the coupon may be paid monthly, semi-annually or annuallyor on any other schedule.

In one embodiment, the virtual bond may have a nominal, principal orface amount which has to be repaid at the end. In another embodiment, avirtual bond may have an issue price at which investors buy the bondswhen they are first issued. Virtual bonds may also have a maturity dateat which time the issuer must repay the nominal bond. The length of timeuntil maturity may be any length of time or the virtual bond may nevermature.

In one embodiment, the virtual bond may have an embedded option. Forexample, the virtual bond may give the issuer the right to repay thebond before the maturity date (callable bond). In another example, somevirtual bonds may give the bond holder the right to force the issuer torepay the bond before the maturity date. Options may be executed at anytime, or only on specific dates. In one embodiment, the option may be aBermudan callable in which the issuer may repay the bond on severaldates. Such dates may coincide with the coupon dates or may be at othertimes. In another embodiment, the option may be a European callable inwhich there is a single specific date on which the issuer may pay thevirtual bond early. In a further embodiment, the option may be anAmerican callable in which the issuer may pay the virtual bond at anytime until the maturity date. In yet another embodiment, if the issuerdoes not have the cash on hand to repay the bondholders when the virtualbonds mature, it maybe able to issue new virtual bonds and use theproceeds either to redeem the older virtual bonds or to exercise a calloption.

An issuer may decide or be required to retire a certain portion ofoutstanding virtual bonds periodically. Such virtual bonds may berecalled randomly, recalled according to a specific system, or purchasedon the open market. In another embodiment, the virtual bonds may beconvertible in that they may be exchanged for a number of shares of theissuer's common stock. In a further embodiment, the virtual bonds may beexchangeable for shares of a corporation other than that of the issuer.

The issuance of virtual bonds may or may not require registration. Suchregistration may take place with the game owner, game server, or someother governing entity. Registration may require information such as thename of the issuer, the names of the characters or player controlling ormanaging the issuer, affiliates, underwriters, owners, marketingarrangements, financial statements, details regarding the type ofsecurities being offered, the price, commissions, compensation, riskfactors, use of the proceeds of the offering, assets of the gameenvironment, significant milestones, or any other related informationgenerally required in the real world for registration of an offering.Such registration may be stored by any means available, for example inbond database 224. In another embodiment, each virtual issuance may beregistered with a bank which acts as a clearinghouse for the bonds.Information regarding a particular virtual issuance may be stored by anymeans applicable, for example in bond database 234.

In one embodiment, virtual bonds may be brought to market by the issuer,an underwriter or a syndicate. A syndicate is a temporary partnership ofdealers which has been established to underwrite and sell a particularissue of bonds. The issuer may approach the underwriter directly, or anissuer may publish an official notice of sale to solicit bids. Suchpublication may be by electronic mail, regular mail, screen alerts,publication in a journal such as a real or virtual financial journal orany other means calculated to inform potential underwriters that anissuer is seeking to have a bond issuance. In one embodiment, a databasemay be created in which underwriters can indicate that they areinterested in obtaining a bond issuance and issuers can indicate thatthey are seeking a bid. Such a database may be searchable, browsable,and/or may include a matching program that pairs issuers andunderwriters. In one embodiment, an underwriter or syndicate may bid onan issuance.

The virtual bond offering may take place using a Dutch Auction, FirmCommitment, Best Efforts, Bought Deal or Self Distribution of Bonds. Ina Dutch Auction, the auctioneer begins with a high asking price which islowered in increments until some participant is willing to accept theauctioneer's price, or a predetermined reserve price is reached. Thewinning participant pays the last announced price. In Firm Commitment,an underwriter assumes all inventory risk and purchases all securitiesdirectly from the issuer for sale to the public at the price specified.With Best Efforts, the underwriter agrees to use all efforts to sell asmuch of an issue as possible to the public. The underwriter can purchaseonly the amount required to fulfill its client's demand or the entireissue. However, if the underwriter is unable to sell all securities, itis not responsible for any unsold inventory. In one embodiment, theunderwriter has a set time frame for selling the shares. If all of theshares are not sold within the agreed-upon time frame, the issuer mustreturn any funds collected from investors. In a Bought Deal, aninvestment bank negotiates a price with the issuer and purchasessecurities from an issuer before selling them to the public. Theinvestment bank (or underwriter) acts as principal rather than agent andthus actually “goes long” in the security. Once the shares are initiallysold, they may be traded on an exchange or other secondary market. In afurther embodiment, the game environment or the owners of the gameenvironment may self distribute the stock in a direct public offering.Once an underwriter or syndicate has won a bid, the syndicate orunderwriter may sell the bonds.

The selling entity may receive orders for the issued virtual bonds.Orders may be presale orders received before the actual bid issubmitted, group account orders for the group as a whole at the netoffering price, designated orders which specify which syndicate memberswill receive a credit and member takedown orders which are orders frommembers for sale to the members' own customers. Once the virtual bondsare sold on the primary market in the initial offering, they may betraded on a secondary market such as the over the counter bond market.In one embodiment, virtual bonds can be bought in incremental units orpercentage of the whole. For instance, player characters can buy 100 $1bonds or 1% of a $100 bond.

In another embodiment, all or part of an issuance may be purchased usingsome of the following steps:

-   -   1. Receive an indication of interest to purchase all or a        portion of a bond issuance.    -   2. Receive a virtual cash payment.    -   3. If virtual cash payment fulfills bond, notify group that bond        request has been filled.    -   4. Issue virtual cash to group based on business plan associated        with bond request.

Different virtual bonds may have different priorities, risks andrepayment rates. In one embodiment, a virtual bond offering may includevirtual bonds that are all of the same type. In another embodiment, thevirtual offering may be in tranches or classes. Each tranche may havedifferent ratings, and may or may not be secured by different assets, ormay be unsecured. Subordinated bonds are those that have a lowerpriority than other bonds of the issuer in case of liquidation.

Once a bond is issued, payments may be required. Such payments may bethe notional value, periodic interest payments, or retiring of all or aportion of the issuance. In one embodiment, payments may be made usingBond Payment Program 238. Such a program may use some or all of thefollowing steps:

-   -   1. Determine that a virtual bond payment is due.    -   2. Withdraw virtual cash amount equal to bond payment amount        from issuer account; and    -   3. Transmit bond payment to bond holders based on ownership        structure and conditions    -   Or    -   4. If virtual issuer cannot make bond payment, retrieve        character accounts associated with group who registered virtual        issuance, including credit card information.    -   5. Determine a real cash value for the virtual bond payment        amount.    -   6. Determine a credit card charge method based on method        specified by group.    -   7. Charge credit card(s) based on charge method until real cash        value for the virtual bond payment amount has been collected.    -   8. Convert real cash to virtual cash and transmit bond payment        to bond holders based on ownership structure.

A virtual bond issuance may take place using any means applicable andfor any reason for which funding may be sought. For example, accordingto one embodiment, a game environment such as a city/corporation (orother group type such as guild, etc.) may seek to raise funds using avirtual bond issuance. Information regarding the city/corporation may bestored by any means possible, for example in Game Environment Database220 and may include data such as:

-   -   1. Group ID    -   2. Character Members 1-n    -   3. Group Assets and Attributes

A city/corporation may own, or have within the game environment avirtual utility such as water, gas, electricity, etc. or some otherpublic work. The virtual Utility may be privately held or owned by thegame environment. Such information may be stored by any meansapplicable, for example in Utility Database 228 and may include datasuch as:

-   -   1. Utility ID    -   2. Group ID(s)    -   3. Usage Conditions    -   4. Blueprint    -   5. Component(s)    -   6. Owners (s)    -   7. Ownership Percentage    -   8. Obligations        Information regarding the virtual utility, its use, status,        availability, capacity, or any other necessary information may        be stored in Utility Conditions Database 230 and may include        data such as:    -   1. Condition ID.    -   2. Condition Descriptor.    -   3. Utility types 1-n.        The city/corporation may seek to upgrade the virtual utility or        create an additional virtual utility through a virtual bond        issuance. The issuance may be voted on and approved by the        residents of the game environment. A virtual bond issuance may        then be created and information regarding the bond issuance        stored in bond database 234. Such information may include, for        example,    -   1. Bond ID.    -   2. Bond Creation Date.    -   3. Bond Amount.    -   4. Group ID.    -   5. City/Corporation ID.    -   6. Utility ID.    -   7. Bond Amount.    -   8. Bond Conditions.    -   9. Bond Payment Schedule.        Information regarding previous issuances by the same or        different game environments, or for the same or different        projects may be stored, for example in bond database 224. Such        information could include, for example,    -   1. Bank ID    -   2. Utility ID    -   3. Group ID    -   4. Bond Conditions    -   5. Bond Creation Date    -   6. Bond Creation Schedule        Charges for the use of the virtual utility, including use by        those who did not contribute to the funding of the construction        of the virtual utility may be stored in Utility Fee Database 236        may include data such as:    -   1. Utility Fee ID    -   2. Utility Fee Descriptor.

Instead of obtaining a loan, issuing bonds, or imposing taxes or fees, agame environment, including an in-game or virtual business, may seekdirect investment, for example through a venture capitalist, angelinvestor, hedge funds, leveraged buyout and merchant banking funds or apublic offering. A game environment, including an in-game or virtualbusiness, may approach a venture capitalist, angel investor, or hedgefund; venture capitalists, angel investors and hedge funds may seek outvirtual investment opportunities; or a database may be created listingvirtual investment opportunities and/or possible investors. Such adatabase may be searchable, browsable, or may provide a matching programbased on criteria selected by the investors and or game environmentsseeking investors. Throughout this application, such direct investmentfunding sources are referred to as “venture capitalist funds” or “VCfunds” though the methods and steps may similarly apply to other sourcesof funding such as angel investors, hedge funds or merchant bankingfunds.

An exemplary system 300 configured to provide the virtual environmentdescribed above is shown in FIG. 4. As shown, system 300 may include agame server 302, a venture capital server 304, and a credit card server306.

Game server 302 may include a register VC program 308, manage VC program310, register VC investment program 312, manage VC investment program314, Debit Card Issuance Program 319, Debit Card Usage Program 320,Credit Card Issuance Program 328 and Credit Card Usage Program 329. Gameserver 302 may further have one or more databases, such as, but notlimited to, player database 316, player character database 318, VCdatabase 320, Credit Card Database 324, and Debit Card Database 326. VCserver 304 may include programs such as initiate VC Investment Program330, Receive Dividend Program 332, Receive Proceeds from Sale of AssetsProgram 334, Initiate Sale of Assets Program 336, Fund Usage Program 339and may include databases such as VC Agreements Database 338, Debit CardDatabase 335, and Credit Card Database 337. Credit card server 306 mayinclude programs such as a lock credit line program 340, a ping creditline program 342 and an account database program 344.

Virtual venture capital funds may be in existence at the time offormation of the game, or may be created by one or more players,characters, or game environments. A virtual venture capital fund may beany form permitted by the game server, game owner, or other governingentity of the game or game environment. In one embodiment, a virtualventure capital fund may be a partnership, a private corporationorganized as a limited partnership, a company taxed as a partnershipsuch as an LLC, or any such similar organization as regulated by thegame owner, game server and/or game environment. In another embodiment,there may be a general partner that may include the virtual fund'smanagement company and investors which may be limited partners in thefund. Information regarding the characters involved in running andinvesting the venture capital fund may be stored, for example, in playercharacter database 318. Information regarding the players controllingthe characters involved in the venture capital fund may be recorded byany means applicable. In one embodiment, such information is stored inVC database 322 and/or player database 316. In a further embodiment, abank or other financial intermediary may act as a VC fund, investing ingame environments rather than providing loans. In another embodiment,there may be limitations on the number of virtual venture capital fundsa character can participate in either as part of the management team, oran investor. Such a determination could be based on factors such as themonthly fee the player pays to play the game, i.e. if the player has apremium account; the age of the account; the skill level of thecharacter and/or the virtual or real net worth of the player or playercharacter. In a further embodiment, a bank or other financialintermediary may act as a VC fund, investing in game environments ratherthan providing loans. In another embodiment, a game environment such asa city may act as a VC fund, investing in internal development projectsor business ventures or projects and business ventures in other gameenvironments.

According to some embodiments, the game environment, a particulargovernment, or a virtual land area governed by the game environment orby player characters may limit the number of virtual VC funds that canexist in the environment, or the number of particular types ofinvestment funds that can exist in a particular game environment.Accordingly, there may be a licensing requirement and/or a limit on thenumber of licenses that are available at any particular time in avirtual environment. In some embodiments, if a virtual VC fund closes orbecomes inoperable, the license may be forfeited and may revert to thegoverning entity such that it is available to a new entity desirous ofstarting a virtual VC fund, or it may be sold by the player character(s)that own it. The game server and any government formed by the gameserver or by a group of player characters may charge a tax or fee eachtime a license is issued or resold. Such fees could be up front,periodic, or any combination thereof. There may also be different typesof virtual licenses which may have different limitations imposed uponthem regarding the amount, type, and quantity of investments that can bemade by a particular virtual VC fund.

The granting of a virtual license or the ability to open a virtual VCfund may be governed by certain regulations. Such regulations may beimposed by a governing entity, by a central institution, by the gameserver, game owner, server owner, or group of managing players. Theseregulations may impose certain requirements that must be met prior tothe formation of a virtual VC fund. Such requirements may include, forexample, the ability to pay a given fee, reserve requirements,availability of land and/or an appropriate building or other assets inthe virtual environment, procurement of various suitable skills by therequesting group, particular organizational requirements, fundingrequirements, etc. In such a case, only those requests that come from anentity that is able to fulfill any imposed requirements will be granteda virtual license, if one is available.

The amount of the virtual license fee may be determined using any methodsuitable for the virtual environment. It may be established by the gameitself, the owners or manufactures of the game, the game server, theowners of the server, a plurality of a predetermined number of playersin existence at the time of the creation or acceptance of the license,by real and/or virtual law, or any combination thereof.

In another embodiment, a VC fund may need to be registered with the gameserver or other governing entity. Such registration may be independentof or in conjunction with a licensing requirement. Registration of avirtual VC fund and payment of a virtual license fee may beaccomplished, for example, using Register VC program 308 which may usesome or all of the following steps:

-   -   1. Receive a request to register a virtual Venture Capital fund        including the VC owners, VC assets, VC location, and VC        accounts.    -   2. Determine if a license is available for the VC.    -   3. If a license is available determine a permit price.    -   4. Output license price.    -   5. Receive acceptance of license price.    -   6. Create VC fund.    -   7. Output notice that fund is created.    -   8. Charge VC fund account the license price.

The management structure and running of a virtual venture capital fundmay be ad hoc or may be dictated by organizational documents.Organizational documents may include such information as the time fixedfor the fund's existence, an outline virtual investment decision-making,details regarding the involvement of the limited partners, descriptionsof percentage ownership, guaranteed dividends, profit distribution, theability to dissolve the partnership, the maximum virtual investmentallowed in any single game environment, the use of virtual debt,re-investment of virtual profits, private investment by the generalpartner, future raising of capital by the general partner, virtualinvestments with other funds, the addition of other general partners,management fees, exit strategies for the funds investments or any othertype of information generally found in such documents. In oneembodiment, a virtual venture capital fund may be run by the gameserver(s). In another embodiment, a virtual venture capital fund may berun by a financial intermediary.

Enforcement of the organizational documents may be accomplished by anymeans necessary, for example using manage VC program 310. Informationregarding the organizational documents may also be stored in a databasesuch as a VC governance rules database which may include informationsuch as the specific rule ID and a description of the rules for runningthe virtual VC fund.

Programs such as manage VC program 310 could execute the regulations ofthe organizational documents, pay any fees, update licenses, andotherwise manage the financial activities of the virtual VC fund. Forexample, manage VC program 310 could be configured to:

-   -   1. Determine that a VC must pay a license fee.    -   2. Output a notice to player character owners of VC that a        license fee is due.        If payment is not received, the game server or other governing        entity may suspend the activity of the virtual venture capital        fund.

Funding for virtual venture capital funds may come from any sourceapplicable. In one embodiment, virtual venture capital funds may befunded upon creation by the game or game server. In another embodiment,virtual venture capital funds may be funded by characters, players,and/or game environments. In a further embodiment, a fund may seekfunding from interested players, characters, game environments, or otherthird parties. Funding may be in real or virtual currency and/or realand/or virtual assets. Investors may be required to guarantee theirfunding using a credit line or some other source of collateral.

In one embodiment, a virtual venture capital fund may be formed asoutlined in FIG. 6 in which a group of characters, institutions or gameenvironments forms a management team to run a fund. The management teammay consist of one or more characters. The management team draftsorganizational documents describing the running of the fund and appliesfor registration of the fund. In one embodiment, members of managementteams may need to meet certain criteria in order to run a fund. Forexample, they need to have certain types of accounts such as premiumaccounts, certain skills, a particular asset base, a particular level ofexperience, or any other criteria deemed necessary by the requirementsof the game. Once the game server or other overseeing entity hasverified that the management team is qualified, the game server or otheroverseeing entity may verify the organizational documents to determinethat they fulfill the necessary requirements. In the embodiment in FIG.6, the organizational documents are reviewed for management structuresuch as the involvement of the limited partners, or what type oforganization the fund will be; the length of time the fund will be inexistence; and the investment strategy of the fund. The parameters ofthe game may require some or all of these aspects as well as additionalaspects be described in the organizational documents such as the othertype of information described above. If the management team and theorganizational documents meet the necessary standards, the fund will beregistered with the game and may solicit investors. In alternateembodiments, investors may come together to form a fund so that thesource of the funding is available prior to the formation of themanagement team.

According to one embodiment, game server 302 may be configured to createa virtual venture capital fund using some or all of the following methodsteps:

-   -   1. Receive a request from a player character, group of player        characters, game environment, or one or more third parties to        create a venture capital fund.    -   2. Review organizational documents.    -   3. Determine that organizational documents meet necessary        criteria.    -   4. Create new venture capital fund with the requestors as        owners.

The request to form a virtual VC fund may be made and received using anysuitable method within the virtual environment. For example, the requestmay be sent via email, instant message, or via an on-screen requestsystem. The request may be processed automatically by the server, by apaid or voluntary player or staff member, or though a combination of theabove.

Information regarding the formation of a virtual venture capital fundmay be stored by any means desired, for example on Venture CapitalDatabase 322 and may comprise information such as, for example:

-   -   1. VC ID number    -   2. Owner ID numbers 1-n    -   3. Owner Percentages 1-n    -   4. Shareholder Percentages 1-n    -   5. Manager 1-n    -   6. Funding requirements 1-n    -   7. Financial Backing Accounts 1-n

In a further embodiment, game server 302 may create a link betweenventure capital funds. Such a link may be used to form a network ofrelated or co-owned institutions, to form a financial network tofacilitate the transfer of funds between institutions, to link real andvirtual financial accounts, to exert control by a central institution,any other reason for linking venture capital funds, or a combinationthereof.

Once a virtual venture capital fund is in existence, whether formed bythe game, by the owners of the server, or formed by players or playercharacters or otherwise, the fund may seek out or receive virtualinvestment opportunities. The acquisition of virtual investmentopportunities may be accomplished by any means applicable. In oneembodiment, such virtual investment opportunities are located usinginitiate VC investment program 330. In another embodiment, characters,game environments, players, or other entities may apply to a VC fund forfunding. In yet another embodiment, members of a VC fund may proposeinvestment opportunities to the fund. The virtual investments of avirtual VC fund including the type, quantity and amount, may be limitedby their license, the rules of the game environment, the total virtualassets of a game environment, or any combination thereof.

In one embodiment, a virtual VC fund may need to register an investmentwith a governing body who may determine whether such an investment fallswithin the virtual license the virtual VC fund has obtained.

In another embodiment, the requirements of investment opportunities maybe outlined in the organizational documents of the virtual venturecapital fund. In one embodiment, a virtual venture capital fund mayrequire an entity seeking investment to present a business plan. Such aplan may include information including, but not limited to, the marketopportunity; products and services; the business model; the players orcharacters involved; the financials of the game environment includinghow much funding they are seeking; a positioning statement; operatingexpenses; revenues; earnings as well as any other financial informationgenerally included in a business plan; prior sources of funding and usesof proceeds; exit strategy; dilution strategy including, but not limitedto, current ownership interest, stock options, financings, convertiblenotes, warrants, common stock, and convertible preferred stock; assets;research on competitors; strategic alliances; milestones; market andcustomer research.

In a further embodiment, a valuation may be made of the game environmentprior to investment by a virtual VC fund. The valuation may be requestedand/or made by the virtual VC fund, the game environment seekingfunding, or both. The value of game environments may be assessed bymeasuring any of a number of parameters including, but not limited to,the growth of the economy, the value of its natural resources, theamount of investment that is being made, the number of charactersworking or inhabiting the game environment, the amount of developmentthat is taking place, the amount of land available for development, theamount of trade, the stability of the economy, taxes, cash flow, theassets of the inhabitants, the standard of living of the characters, theimports and exports into the economy, assets of the game environment,products sold by the game environment, services provided by the gameenvironment, any other factor that is generally used to value an economyor any combination of the above.

In one embodiment, the value of a game environment is calculatedaccording to the following equation: consumption+investment+governmentspending+(exports−imports). In another embodiment, the value of a gameenvironment is determined by the final value of the goods and servicesproduced by the resident characters in a given time frame. In a furtherembodiment, the value is determined by the market value of the goods andservices produced by the resident characters minus the depreciation in agiven time period. In yet another embodiment, the value may becalculated by: consumption+investment+governmentspending+(exports−imports)+net foreign factor income−indirecttaxes−depreciation. In yet another embodiment, the value of the assetsin a game environment may be assessed. Assets may be valued according totheir market value, on a multiple of the underlying natural resourcethat can be salvaged from the asset, by a professional estimator whetherreal or virtual, by an investment bank or any other applicable valuationmethod or combination thereof. In a further embodiment, valuation may bedetermined by tax revenue or fees generated by the game environment. Inanother embodiment, cash flow from transactions in the game environmentcould be calculated. In one embodiment, earnings in the environment overa set period of time could be multiplied by a factor to arrive at avaluation. In another embodiment, valuation may be based on a listing ofassets, liabilities and equity of the game environment. In a furtherembodiment, valuation could be determined by measuring cash distributionto owners using a discounted future dividend approach. In yet anotherembodiment, valuation could be determined using a discounted cash flowand discounted future net income approach. In still another embodiment,valuation could be determined using a market approach by comparing thegame environment to similar game environments.

Valuations may also rely on conversion rates, factors or tables whichmay convert all assets to a common unit. Conversion rates may bedetermined by any means applicable. They may be fixed, on an automatedtrading system, or as determined by an exchange on the open market orany combination thereof. For example, conversion rates may be based on acomparison of the economies of two game environments, a comparison of arepresentative basket of goods, the number of player characters in eachenvironment, the amount of a particular virtual asset available in aparticular game environment, the amount of production of a virtual assetin the game environments or on any other number of market forces orcomparable factors. For example, a gallon of oil may be converted to twogallons of oil when traded from War Craft® to Second Life®. In anotherembodiment, a barrel of oil may be converted into 1000 thistle seedswithin a game environment, and/or a barrel of oil may be converted to5000 thistle seeds when exchanged between two games. 5000 thistle seedsmay be worth 3 shares of stock in a particular game environment. In afurther embodiment, a conversion multiplier may reflect the differencein the labor (and/or other factors) required to build the game attributein the first environment vs. the second environment. For example, 1000thistle seeds in one game environment may be worth 700 thistle seeds inanother game environment. Alternatively or additionally, the multipliermay take into account any differences in supply, availability, ease orcost of acquisition, or the like, of the resources and/or the prevailingexchange rates of real or virtual currency. Some game environments maybe configured to produce items more optimally. These game environmentsmay receive a premium valuation in that their labor is more efficient inthat game environment than on other game servers. Alternatively,environments that produce such items more optimally may be penalized ora tariff may be imposed to create a more fair exchange between or amongsuch game environments.

In one embodiment, some or all of the following steps may be used toconvert assets between game environments:

-   -   1. Generate a conversion value for two or more game environments        based on activity and conditions in the game environments.    -   2. Create a conversion multiplier based on the relationship of        the values between two or more game environments.    -   3. Store multiplier.

Analysis of investment opportunities and the information provided bygame environments seeking funding may be processed by any meansapplicable. For example, initiate VC investment program 330 may be usedto review applications for funding. Such a process may use some or allof the following steps:

-   -   1. Receive a request to fund a virtual project from one or more        player characters including a virtual project plan, virtual        blueprint, a virtual cash budget, and amount of virtual cash        necessary to complete the project.    -   2. Determine a project value based on the project request and        the credit scores of the player characters.    -   3. Determine an ownership investment structure based on the        value, and the credit scores of the player characters.    -   4. Output an investment offer, including an ownership        percentage, a required dividend schedule, an investment payment        schedule and other terms and conditions to the player        characters.    -   5. Receive an acceptance of the offer.    -   6. Create a new virtual project including a virtual account and        transfer appropriate virtual cash into project account.    -   7. Register agreement with Game Server.

In another embodiment, an investment decision may be put to a vote. Anentity seeking funding may submit a request or other proposal whetherwritten, pictoral or verbal and each proposal may be evaluated and putto a vote by the venture capital firm. In one embodiment, there may becertain minimum criteria which are required to be met before a proposalcan be put to a vote. For example, the opportunity must be in a certainfield, may need to be of a certain size, generate a particular rate ofreturn, accomplish a particular goal, be in a particular gameenvironment, or any other criteria the venture capital fund establishes.Such criteria may be evaluated by the members of the virtual venturecapital fund or by a program, such as for example initiate VC investmentprogram 330. In another embodiment, every proposal submitted must be putto a vote.

The decision to accept or decline an investment may be decided by anytype of voting system. Such a voting system may be described in theorganizational documents, may be dictated by the game, or decided bysome other overseeing authority. It may be, for example, a single votesystem, a multiple-round vote system, a multiple vote system, a rankedvote system, a scored vote system or any variation thereof.

In one embodiment, the voting system is a single vote system, in whicheach member may cast one vote. In a further embodiment, the votingsystem may be a multiple-round system. For example ten proposals are putto vote. In the next round the three proposals which received the mostvotes are voted on again. In the following round, the two proposalswhich received the most votes of the three are voted on again and thewinning proposal is selected for investment purposes. In anotherembodiment, investment decisions may be made using a multiple votesystem in which each member may cast as many votes as there areinvestment opportunities, and may cast one vote for each opportunity ormay cast all votes for a single opportunity or any multiple thereof. Thenumber of votes each person may cast may be determined by the number ofproposals, or according to a weighting system as described below. Forexample, the managing partner may be given twice as many votes as thereare proposals. In a further embodiment, each member may be required torank investment opportunities in order of preference. In yet anotherembodiment, each member may score a proposal with a number in aparticular range, for example 1-10, though any range may be used. Thescores are then totaled and the proposal with the highest score(s) isfunded.

Each member of the venture capital firm may be entitled to an equalnumber of votes, or the number or value of votes may be weighteddepending on a variety of factors, including but not limited to,seniority, skills, position in the venture capital fund, personalinvestment in the venture capital fund, length of time a character hasbeen in existence, type of account held by player, the amount of fundingthey were able to secure for the venture capital fund, or any othercriteria as described in the organizational documents, determined by thegame, or other overseeing authority. For example, in one embodiment, thevotes of members of the management team may be more heavily weightedthan votes of other members of the venture capital fund. In anotherembodiment, some or all members of a venture capital firm may be able toveto an investment decision. For example, the managing director may berequired to give approval for all investment decisions. In a furtherembodiment, the managing members of an entity acting as a venturecapital fund may have more heavily weighted votes or may have vetopower. For example, if a bank or other financial entity is acting as aventure capital fund, the votes of the owners of the bank may count moreheavily than the votes of those that work at the bank. If a city isacting as a venture capital fund, the vote of the elected officials orother ruling entity may be more heavily weighted than the vote of anon-ruling resident.

In order to be funded, a proposal for investment may be required toobtain a simple majority, the highest score, a supermajority, aunanimous decision, or slightly less than a unanimous decision such asunanimity minus one, unanimity minus two, etc.

In another embodiment, investment decisions may be made by consensus. Ina further embodiment, each member of the venture capital fund or eachmember of the management team may have the ability to approve aninvestment up to a particular monetary amount without submitting it tothe rest of the fund for a vote. The terms for determining approval ofan investment decision may be outlined, for example, in theorganizational documents.

If a virtual venture capital firm decides to make a virtual investment,it may or may not prepare a term sheet or letter of intent. In oneembodiment, a game environment may be required to present a term sheetor letter of intent to the virtual venture capital fund. Such termsheets may provide information related to funding including, but notlimited to, valuation, the amount and staging of the investment, thetype of securities issued, protection from dilution, and theability/right to seek alternative funding; corporate governanceincluding, but not limited to, decision making powers, the compositionof the board of directors or other governing entity, voting rights,revisions to the by-laws or other governing documents and informationrights; and liquidation, including, but not limited to how the venturecapital fund will get their money out of the business, the exitstrategy, redemption rights, registration rights, and participationrights. Term sheets may be generated by any means applicable. In oneembodiment, such term sheets are generated by manage VC investmentprogram 314. Final versions may be stored in VC agreements database 338which may additionally include information such as agreement ID;agreement Parties 1-n; party type; and agreement terms and conditions.Each investment made by a virtual venture capital fund may be registeredusing register VC investment program 312. In another embodiment, termsheets are binding in that every activity of the funded entity mustcomply with the requirements listed in the term sheet or it will beblocked.

In another embodiment, an entity may engage in white collar crime inorder to circumvent various requirements. Entities that engage in whitecollar crime may gain experience points or skills in committing thesetypes of crimes. For example, it may be possible to circumvent the termsheet. The circumvention may take place using particular skills orattributes, for example, a high level of the “feather bedding” skill orsimilar skill such as “pay bribe” or “cook the books” could allow afunded entity to make cushion payments outside of the contract rules, orto pay bribes. According to this embodiment, entities who achieve acertain amount of points or skill levels in a given white collar crimemay be allowed to ignore, bypass, break, or otherwise not obey some orall of the rules in the game. The rules that these entities may breakmay or may not be dependant upon the types of white collar crime inwhich the entity has previously engaged.

Once an investment decision is made, investments may need to beregistered. Such registration may take place using any means applicable.In one embodiment, registration of an investment may use any register VCinvestment program 312. Register VC investment program 312 may use someor all of the following steps.

-   -   1. Receive a term sheet from a VC to fund an investment.    -   2. Determine if the investment qualifies based on VC licenses        and investment type.    -   3. Approve investment and register investment.

In another embodiment, the term sheet may require review beforeregistration may be approved. Initiate VC Investment program 330 may beconfigured to use some or all of the following steps:

-   -   1. Receive a request to fund a virtual project from one or more        player characters    -   2. Determine an ownership investment structure for the project    -   3. Output investment structure to player characters    -   4. Receive acceptance of structure    -   5. Transmit virtual project and ownership investment structure        to Game Server    -   6. If structure is accepted,        -   a. receive registration number        -   b. notify player character's the project was accepted        -   c. transmit virtual money for project to project account        -   d. transmit virtual cash fee to game server to register            complete project registration    -   7. if structure is not accepted        -   a. receive notice of why structure was not accepted,            including changes required to make it acceptable from the            game server        -   b. revise structure according to change requests        -   c. transmit revised structure to player characters        -   d. Receive acceptance of revised structure        -   e. Transmit revised structure to game server for approval    -   8. receive registration number.    -   9. notify player character's the project was accepted.    -   10. transmit virtual money for project to project account.    -   11. transmit virtual cash fee to game server to register        complete project registration.

The term sheet may also include the type of security that is beingprovided to the venture capital fund in exchange for the investment.Such security may be debt or equity. In one embodiment, such a securitymay be convertible preferred stock. There may also be dividends to bepaid. Such dividends may begin accruing immediately once funding starts.They may accrue on the entire investment, or just the stage ofinvestment reached at that point. Dividends may also be converted intostock if the company is sold or has a public offering.

An agreement with a virtual venture capital fund may also include ananti-dilution provision. In one embodiment, the percentage ownershipwill always remain the same as when the initial investment was made. Inanother embodiment, there may be a conversion formula adjustmentattached to convertible preferred stock, convertible debt or debt withwarrants obtained by the virtual venture capital fund. The formulaadjustment may be “full ratchet” in which if the company issues even oneshare of stock at a price below the price paid by the investors, thenthe conversion price drops fully to that price. In another embodiment,the formula adjustment may be a “weighted average ratchet” in which theconversion price is adjusted to the average price received by thecompany for stock issuances. This average may or may not take intoaccount the amount of money raised at different prices.

A virtual venture capital fund may also seek control over gameenvironment governance issues. For example, they may seek control oversuch things including, but not limited to, the calling of elections, theselection and removal of the CEO, or other titular head of the gameenvironment, compensation of the managers of the game environment, boardmembership, or other executive membership, political appointments,voting rights, raising the debt ceiling, selling assets above a giventhreshold, issuing additional stock, changing the rights and structureof the classes of stock, stock options, acquisitions, sales and mergers.

In another embodiment, the venture capital fund may seek such things asredemption rights, registration rights, drag-along rights, tag-alongrights, and participation rights. In one embodiment, the venture capitalfund may acquire the right to sell the game environment or take itpublic. In another embodiment, the venture capital fund may require thegame environment to purchase the virtual venture company's stock after acertain period of time, or upon the occurrence or nonoccurrence ofcertain milestones.

Once terms are agreed to, investment by a venture capital fund may takeplace in a single lump sum or in stages. In one embodiment, each stageof investment may be contingent on the meeting of certain conditions ormilestones. In another environment, a venture capital fund may requirethat additional funds or other income sources be brought in at certainstages.

According to one embodiment, an account may be created with a financialentity, or with the VC fund that contains the funding. Virtual invoicesmay be submitted, reviewed and verified before payments are released.Such funds may be used to make qualified purchases as outlined above, orto hire virtual architects, craftsmen, designers, or characters withother skill sets important in the development of the project for whichfunding was sought. For example funds could be released using some orall of the following steps:

-   -   1. Receive a request to pay a virtual invoice.    -   2. Determine if the invoice is from a qualified virtual entity.    -   3. Determine if virtual build contract has budget allocated for        the invoiced product or service.    -   4. Release funds to pay the invoice if the invoice is qualified        for payment.        In another embodiment, determinations could be made regarding        how the virtual invoice fills the allocations in the budget for        particular tasks or types of assets. For example, payment of the        virtual invoice could be made using some or all of the following        steps:    -   1. Receive a request to pay a virtual invoice.    -   2. Determine virtual cash budgeted for invoiced item or service.    -   3. If virtual cash budgeted is less than invoice by x %, flag        account.    -   4. Transmit warning to VC fund and/or funded entity        administrator that invoice is out of budget.

According to another embodiment, the funding from the VC may be issuedas a virtual debit card. The use of the card may be limited to purchasesthat are specified in the term sheet or other agreements between the VCfund and the borrowing entity. Player characters and game environmentscan give these debit cards to other player characters or gameenvironments who can use the outstanding or remaining balance on themfor virtual purchases specified when the debit card was created. Debitcards can be given to a first player character when a second playercharacter relies on the first player character to purchase something forhim, but cannot trust the player character with virtual cash that hasunrestricted purchase parameters. Debit cards can be used to create ingame payment vehicles that can only be used to purchase certain virtualassets and/or services. Debit cards can also be created that have accessto specified amounts of funds. Such amounts may be a percentage of thecash available in the funding round or may be a fixed amount or acombination thereof such that there is a minimum or maximum percentageof available assets that can be used or minimum fixed amount and apercentage that is available.

Information regarding the virtual debit card may be stored by any meansapplicable. In one example, such information is stored on game server302. In another embodiment such information is stored on bank server304.

A Debit Card Database 326 or 335 may comprise information such as:

-   -   1. VC ID    -   2. Debit Card ID    -   3. Debit Card Amount by category 1-n    -   4. Debit Card Issue Date    -   5. Debit Card Conditions 1-n

In another embodiment, information regarding the virtual debit card maybe stored on game server 302 through Debit Card Issuance program 319which may be configured to:

-   -   1. Receive an indication that a debit card was issued from a VC        fund including player character info, VC info, debit card amount        and conditions    -   2. Create and store debit card record

According to another embodiment, percentages of the virtual debit cardvalue can be allocated to different virtual asset classes. For instance,50% of the value could be used to buy specific raw materials and 40%could be used to purchase services from specific NPCs and playercharacters to turn those raw materials into a specific product. Theremaining 10% of the value could be used for anything, but, for example,only when the other 90% has been spent to create the specific productand that product has been deposited into the virtual debit card issuer'saccount. The specific virtual asset classes or services may be outlinedin the term sheets or determined by a) the VC fund, b) the gamemanufacturer, c) the owner(s) of the server(s) upon which the gameresides, d) one or more player characters or e) any combination thereof.

Information regarding the issuance of the virtual debit card may bestored according to any means applicable. In one embodiment, Debit CardIssuance program 319 may be configured to follow one or all of thefollowing steps:

-   -   1. Receive a request to create a debit card including a virtual        cash amount, a specified receiver of the card, and conditions        (if any) for spending the virtual cash from one or more player        characters.    -   2. Create debit card including usage conditions (if any).    -   3. Transfer cash from player character(s) account(s) to debit        card.    -   4. Output debit card to specified receiver.    -   5. Notify player character(s) and game server that debit card        was created and issued.    -   6. Update debit card database.

Information regarding the allocations and usage of the virtual debitcard may stored according to any means applicable. In one embodiment,such information may be stored on Debit Card Usage program 320 on thebank server which may be configured to follow some or all of thefollowing steps:

-   -   1. Receive an indication that the purchase of a virtual item or        service will be paid for with a virtual debit card.    -   2. Determine if purchase qualifies based on debit card        conditions (if any).    -   3. If purchase is qualified, allow purchase and deduct virtual        cash from the account balance.    -   4. If purchase is not qualified, disallow purchase.    -   5. Notify bank that purchase was attempted and made.

In another embodiment, Debit Card usage information may be stored on thegame server and Debit Card Usage Program 320 may be configured to:

-   -   1. Receive request to use debit card from a player character to        purchase an in game good or service or to pay a debt.    -   2. Determine if use falls within debit card condition parameters        (if any)    -   3. Allow use if condition parameters allow it    -   4. Don't allow use if it falls outside of condition parameters    -   5. Notify player character using debit card, player character(s)        who created debit card, and game server if debit card was used        or not allowed to be used.    -   6. Update remaining cash balance        Such limitations could also be imposed using, for example, Fund        Usage Program 339.

Funding may additionally be issued in the form of a virtual credit cardin which the character, group of characters or virtual environment maymake purchases up to the amount of the funding provided by the VC fundusing the virtual credit card or may give the virtual credit card toanother party to make the purchases. Such credit cards may be issued,for example, using Credit Card Issuance Program 328. The VC fund maylimit the use of the credit card to purchases in support of the termsheet, or reason for obtaining the funding, or may allow any purchasesto be made. The credit on the credit card may additionally be allocatedto different virtual asset classes as described above for virtual debitcards. Such information may be stored by any means applicable, forexample in Credit Card Database 324 or 337. In one embodiment, thecredit line on the credit card may be increased at additional stages offunding.

In another embodiment, funding may only be used with certified vendors.Such a system 500 is exemplified in FIG. 7. System 500 may include agame server 502, a VC fund server 504, and a bank server 506.

Game server 502 may include a register project program 508, and a manageproject program 510. Game server 502 may additionally have one or moredatabases, such as, but not limited to, a character database 512, playerdatabase 514, and a skills database 516. Venture capital server 504 mayinclude a manage investment program 520, Fund allocation program 522,payment program 524, invoice verification program 526, certified workerdatabase 528, and invoice database 529. Bank server 506 may include anaccount database 530.

Each funded project may be registered using register project program 508which could include information such as the fund source for the project,timelines, blueprints, ownership, resource allocation, or any otherdetails descriptive of the project. The project could be managed usingmanage project program 510. Such management may include oversight ofbudgeting, funding, construction, workers, resource allocation anddeadlines. Information regarding characters involved in the project suchas their identification, assets, responsibilities, and skills may bestored in character database 512. Player database 514 may containinformation regarding the players behind the characters and include theplayers, identification of the players, billing information, andcharacter information. The types of skills available in a particulargame environment or a particular area of a game environment and thenumber, or names of characters with those skills could be stored inskills database 516.

Virtual venture capital funds may be managed using manage investmentprogram 520. Such a program could manage selection of investments,control of investments, track payments, funding, dividends, budgets,invoices, timelines, deadlines, milestones or any other informationnecessary to adequately manage the portfolio and projects funded by theventure capital fund. Each investment funded could have fundingallocated to specific pieces, for example 30% to natural resources; 15%to design; 40% to labor costs; 10% to management; 5% to taxes, fees andlicenses. Such allocations may be controlled and/or determined usingFund allocation program 522. Payments in each of the allocatedcategories could be made using payment program 524. In one embodiment,payment program 524 will only release funds once the object the fundingis paying for is completed. In another embodiment, payment may bereleased in stages, for example 10% upon initiation of the project, 25%when the project reaches a certain point and the remainder released uponcompletion. Vendors and service providers may be required to submitinvoices which could be verified using invoice verification program 520and a history of payments, or submitted invoices may be stored usinginvoice database 529. Certain skill sets may be required in order towork on the project, or only certified workers may be allowed to work ona project. Information regarding the necessary skills and/or a list ofcertified workers and their available skills may be stored in certifiedworker database 528. Payment of the workers and of the supplies could bemade into different accounts owned by characters, suppliers, gameenvironments, or accounts established for the project or the VC fund.Such information may be stored in account DB 530.

If a project runs over budget or behind schedule, warnings may be issuedto the game environment or the VC fund. Such warnings may result in feesbeing charged to the virtual contractors, or the game environment orother entity that received the funding from the VC fund. In oneembodiment, fees could be charged to the accounts of the charactersresponsible. In another embodiment, the fees could be charged to thefunding account resulting in fewer funds available for completing theproject. The VC fund may also halt or withdraw funding. For example,such warnings could be issued using one or more of the following steps:

-   -   1. receive warning that project is over budget or behind        schedule.    -   2. output warning to VC fund    -   3. determine or receive fee.    -   4. charge fee to project account, or project manager character        accounts.        In a yet another embodiment, the terms of the funding could be        renegotiated or another round of funding may be initiated. Such        negotiations could take place using some or all of the following        steps:    -   1. Receive an indication that a project is over budget.    -   2. Output a request to renegotiate the project.    -   3. Receive a renegotiation term sheet.    -   4. Determine if term sheet is acceptable.    -   5. If acceptable, accept term sheet and modify original term        sheet.    -   6. If unacceptable, determine counter offer.    -   7. Output counter offer terms.    -   8. Receive acceptance of counter offer terms.    -   9. Modify original term sheet.

At some point, the virtual VC fund will seek a return on its investment.Such a return may take the form of dividends, divestment of theinvestments, sale of assets, the sale of stock, or in an initial publicoffering.

The use of dividends may be controlled, for example, by receive dividendprogram 332. Receive dividend program 332 may also track the payment ofdividends, for example, using some or all of the following steps:

-   -   1. Determine that a dividend is due.    -   2. Determine a dividend amount based on virtual project        performance and investment structure conditions.    -   3. Output request for dividend payment.    -   4. Receive payment.        -   Or    -   5. If payment is not received, retrieve credit card(s)        associated with project.    -   6. Determine a real cash value of the virtual cash dividend.    -   7. Charge real cash value to credit card(s).

According to an alternate embodiment, Receive Divided program 332 may beconfigured to:

-   -   1. Receive a virtual dividend for a virtual investment from the        game server.    -   2. Deposit virtual cash into virtual account.    -   3. Flag investment as “dividend paid”.

In another embodiment, dividends could be managed by manage VC program310. In one embodiment, manage VC program 310 could determine when anyfund are due to the VC fund. Such funding may come from promises frominvestors, dividend payments, conversion of assets, sale of stock, orany other applicable source. In one embodiment, manage VC program 310may be configured to perform some or all of the following steps:

-   -   1. Receive an indication that a VC investment has a dividend        payment due.    -   2. Output dividend request to investment.    -   3. Receive dividend payment.    -   4. Transmit payment to VC fund account.    -   5. Generate and charge the VC fund a dividend payment processing        fee.        If the payment, regardless of source, is not received in a        timely manner, or after a specific length of time, whether that        time is days, weeks, months, or some other time interval agreed        upon in the documents governing the payment, manage VC        investment program 314 could be configured to perform some or        all of the following steps:    -   1. Notify VC fund and investment that dividend was not received.    -   2. Determine a penalty.    -   3. Apply penalty.    -   4. Charge VC fund fee for applying penalty.

Such a penalty may be monetary or non-monetary and may be governed bythe term sheet or other documents dictating the terms of payment.

In another embodiment, the game environment, character(s) or player(s)seeking the venture capital funding must provide certain guarantees.Such guarantees may be used to ensure that dividends or otherobligations are paid to the venture capital company and to ensureagainst loss of the initial investment. Guarantees may take the form offinancial or non-financial collateral as defined above, for example acredit line or an escrow account containing assets which may beliquidated in the event of a default. Such guarantees may be locked asexplained above using lock credit line program 340 or pinged todetermine viability using ping credit line program 342. Accountinformation for collateral may be stored by any means applicable, forexample in account database 344.

In one embodiment, if the dividend, milestones or other obligations arenot met, the VC fund may initiate a sale of assets program, for example,sale of assets program 336. Such a program may be configured to performsome or all of the following steps:

-   -   1. Receive an indication that a payment has been missed.    -   2. Initiate the sale of a virtual asset provided as a guarantee.    -   3. Determine virtual proceed amount based on ownership        percentage defined by investment agreement.    -   4. Transmit request for virtual proceed amount to player        character(s) who own the asset including a virtual cash amount        and a date due.    -   5. Receive a virtual cash payment equal to the virtual proceed        amount.        In the event that the owner is unable to provide the cash        payment, some or all of the following steps may be used:    -   1. Determine that cash payment is not made by date specified.    -   2. Retrieve the credit card(s) associated with the investment.    -   3. Determine a real cash value equal to the real cash value of        the virtual proceed amount.    -   4. Charge the real cash value to the credit card(s).

In another embodiment, a virtual VC fund may seek to divest itself ofsome or all of its investments or other holdings. Such sales could beperformed using Receive Proceeds from Sale of Assets program 334 usingsome or all of the following steps:

-   -   1. Receive or request the sale of a virtual asset.    -   2. Receive a selling price.    -   3. Receive a virtual cash value based on the ownership        percentage defined by the investment agreement.    -   4. Mark investment record as sold.

Another source of funding is through a public offering. Once a gameenvironment goes public, the sale of shares may be accomplished by anymeans applicable. In one embodiment, shares are sold using a system suchas the exemplary system 400 shown in FIG. 4. As shown, system 400includes a master game server 402 a game environment server 406 and anexchange server 404. Public offerings in game environments aredescribed, for example, in U.S. patent application Ser. Nos. 11/428,263,filed Jun. 30, 2006 and 11/567,122, filed Dec. 5, 2006, each of which ishereby incorporated by reference. Furthermore, inter- and intra-gameexchanges are also described in U.S. patent application Ser. No.11/428,263, as well as in U.S. patent application Ser. No. 11/560,456,filed Nov. 16, 2006, which is also hereby incorporated by reference.

Game environment server 406 may include databases such as playerdatabase 414, player character database 416, exchange open offersdatabase 428, exchange transaction database 420.

In one embodiment, Player Database 414 may include information such as,but not limited to Player ID, Player Billing Info, Player Personal Info,Player Credit Info, Player Exchange Seat ID, and Player Assets. PlayerCharacter Database 416 may include information such as, but not limitedto, Character ID, Player ID, Character Assets, Character inventory,Character Skills, Exchange Seat Owner Account Number, Exchange SeatNumber, virtual account numbers.

Exchange Server 404 may include or host various programs, routines,subroutines and/or databases including, but not limited to an exchangedatabase 408, an exchange open offers database 410, and an exchangetransaction database 412.

In one embodiment, Exchange database 408 may include information suchas, but not limited to, exchange ID, exchange type, allowable assets,and allowed traders. In another embodiment, exchange database 408 mayinclude information regarding seats on the exchange such as the exchangeseat price, maximum exchange seats allowed, exchange seats issued, andexchange seat qualifying conditions. Exchange open offers database 410could contain information such as:

-   -   1. Offer ID    -   2. Offer type    -   3. Offer posting date    -   4. Offer expiration date    -   5. Offer Item    -   6. Offer Quantity    -   7. Offer Price.

Exchange open offers may additionally be associated with the characteror player submitting the offer. Such information could be stored inExchange Open Offer Database 428 and include information such as thecharacter ID, holdings, offer ID, offer type, offer posting date, offerexpiration date, offer item, offer quantity, and offer price.

In one embodiment, each transaction could be stored in an ExchangeTransaction Database, for example in Exchange Transaction Database 412.Such a database could store information such as:

-   -   1. Order ID    -   2. Order Buyer    -   3. Order Seller    -   4. Order Date    -   5. Order Price    -   6. Order Type    -   7. Order terms and conditions

In another embodiment, such transactions could be associated with thecharacter in Exchange Transaction Database 420. Such a database couldinclude information such as character ID, character inventory, order ID,order date, order, price, order type, and/or authentication number.

Shares on virtual exchanges may be purchased using real currency,virtual currency, virtual assets, real assets, or any combinationthereof. In one embodiment, purchases may be made in any currency orasset. In another embodiment, the value of the currency or asset must beconverted to a specified currency by an exchange rate or conversionrate.

The exchange rate for one type of virtual currency for another type ofvirtual currency, virtual currency for real currency, virtual assets forreal assets, real assets for virtual assets, real assets for virtualcurrency, virtual assets for real currency or virtual assets for virtualcurrency may be fixed in that the rate does not change for the durationof the game or segment of the game. Alternatively, the exchange orconversion rate may be variable. Such a variable rate may be pegged to afloating real world exchange relationship, for example the U.S.dollar/Japanese yen spot exchange rate, a percentage thereof, a plus orminus adjustment thereof, some other economic indicator, or acombination thereof. The exchange rate may also vary depending on thecountry of origin of the player, or may be fixed to a particular realworld currency, i.e., all exchange rates are quoted in dollars. Inanother embodiment, the exchange rate may be floating and determined bymarket forces such as the relative demand for virtual currency versusreal world currency, or the relative demand of particular types ofvirtual currency. Said exchange rates may further be established ordetermined by any suitable method including, but not limited to, by a)the game manufacturer, b) the owner(s) of the server(s) upon which thegame resides, c) one or more player characters, d) market forces, e) lawor regulation of the game or within the real world, f) negotiation amongthe affected parties, or g) any combination of the above.

In the event that the game environment becomes delinquent in payments,whether loan payments, dividend payments, bond payments, or the meetingof certain milestones, the game environment and/or the characters and/orplayers securing the loan or bonds for the game environment orguaranteeing returns for the VC fund may have one or more limitationsimposed upon his actions in the virtual world by a) the bank, b) thegame manufacturer, c) the owner(s) of the server(s) upon which the gameresides, d) one or more player characters, e) the VC fund or f) anycombination thereof. According to one embodiment, the delinquent gameenvironment may be prevented from obtaining any further funding. Inanother embodiment, the players guaranteeing the funding may be blockedfrom converting virtual currency to real currency. In a furtherembodiment, a lien may be imposed upon the assets of the gameenvironment. In yet another embodiment, the game environment or theplayers and/or characters guaranteeing the funding may be excluded fromtransacting business, owning land, or engaging in other contracts withinthe virtual world. Additionally, or alternatively, the assets of thegame environment or securing players and/or characters may be seized andsold to cover the debt, for example by using a program such as initiatesale of assets program 328. The proceeds from such a sale would then bedeposited with the account of the injured party, for example usingreceive proceeds from sale of assets program 326. The real world creditline used to secure the debt may also be charged in real world currencyto cover the amount due. In one embodiment, upon delinquency, the entireamount of the loan may become immediately due. In a further embodiment,the funds may be automatically debited from the account guaranteeing thefunding. In another embodiment the virtual representation of the gameenvironment can be altered to indicate that the game environment has adelinquent account. In a further embodiment, if a payment is missed, anypreferential terms may be subject to change. For example, the interestrate could increase, payment terms could accelerate, guaranteed exchangerates could become variable, caps on interest or exchange rates could beremoved, etc.

Types of transactions may be limited by the level of participation ofthe player or player character. Such limitations could depend upon theskill, experience, and sophistication of the authorized user and/or theplayer's real or virtual credit score and/or real or virtual current orpredicted income levels. For example, players may advance throughdifferent levels of play and after achieving certain benchmark standardsor having an account established for a particular length of time, theymay be granted wider access to financial intermediaries and the servicesprovided by such intermediaries.

It will be appreciated that while, for the sake of discussion, variousdatabases have been described separately, the data in these and anyother suitable databases could be merged into a single large databasesand/or maintained separately in additional databases, or in otherstructures besides a database. Moreover, any such databases could beindependent or linked, and the data in these databases could be storedcentrally on a server or separately on game devices.

The present disclosure provides numerous systems and methods related tovirtual environments in online computer games. It should be appreciatedthat numerous embodiments are described in detail and that variouscombinations and subcombinations of these embodiments are contemplatedby the present disclosure.

CONCLUSION

Of course it will be appreciated that the systems methods describedherein are provided for the purposes of example only and that none ofthe above systems methods should be interpreted as necessarily requiringany of the disclosed components or steps nor should they be interpretedas necessarily excluding any additional components or steps.Furthermore, it will be understood that while various embodiments aredescribed, such embodiments should not be interpreted as being exclusiveof the inclusion of other embodiments or parts of other embodiments.

The invention is described with reference to several embodiments.However, the invention is not limited to the embodiments disclosed, andthose of ordinary skill in the art will recognize that the invention isreadily applicable to many other diverse embodiments and applications asare reflected in the range of real world financial institutions,instruments and activities. Accordingly, the subject matter of thepresent disclosure includes all novel and nonobvious combinations andsubcombinations of the various systems, methods configurations,embodiments, features, functions, and/or properties disclosed herein.

Where a limitation of a first claim would cover one of a feature as wellas more than one of a feature (e.g., a limitation such as “at least onewidget” covers one widget as well as more than one widget), and where ina second claim that depends on the first claim, the second claim uses adefinite article “the” to refer to the limitation (e.g., “the widget”),this does not imply that the first claim covers only one of the feature,and this does not imply that the second claim covers only one of thefeature (e.g., “the widget” can cover both one widget and more than onewidget).

Each claim in a set of claims has a different scope. Therefore, forexample, where a limitation is explicitly recited in a dependent claim,but not explicitly recited in any claim from which the dependent claimdepends (directly or indirectly), that limitation is not to be read intoany claim from which the dependent claim depends.

When an ordinal number (such as “first”, “second”, “third” and so on) isused as an adjective before a term, that ordinal number is used (unlessexpressly specified otherwise) merely to indicate a particular feature,such as to distinguish that particular feature from another feature thatis described by the same term or by a similar term. For example, a“first widget” may be so named merely to distinguish it from, e.g., a“second widget”. Thus, the mere usage of the ordinal numbers “first” and“second” before the term “widget” does not indicate any otherrelationship between the two widgets, and likewise does not indicate anyother characteristics of either or both widgets. For example, the mereusage of the ordinal numbers “first” and “second” before the term“widget” (1) does not indicate that either widget comes before or afterany other in order or location; (2) does not indicate that either widgetoccurs or acts before or after any other in time; and (3) does notindicate that either widget ranks above or below any other, as inimportance or quality. In addition, the mere usage of ordinal numbersdoes not define a numerical limit to the features identified with theordinal numbers. For example, the mere usage of the ordinal numbers“first” and “second” before the term “widget” does not indicate thatthere must be no more than two widgets.

When a single device or article is described herein, more than onedevice/article (whether or not they cooperate) may alternatively be usedin place of the single device/article that is described. Accordingly,the functionality that is described as being possessed by a device mayalternatively be possessed by more than one device/article (whether ornot they cooperate).

Similarly, where more than one device or article is described herein(whether or not they cooperate), a single device/article mayalternatively be used in place of the more than one device or articlethat is described. For example, a plurality of computer-based devicesmay be substituted with a single computer-based device. Accordingly, thevarious functionality that is described as being possessed by more thanone device or article may alternatively be possessed by a singledevice/article.

The functionality and/or the features of a single device that isdescribed may be alternatively embodied by one or more other deviceswhich are described but are not explicitly described as having suchfunctionality/features. Thus, other embodiments need not include thedescribed device itself, but rather can include the one or more otherdevices which would, in those other embodiments, have suchfunctionality/features.

Numerous embodiments are described in this patent application, and arepresented for illustrative purposes only. The described embodiments arenot, and are not intended to be, limiting in any sense. The presentlydisclosed invention(s) are widely applicable to numerous embodiments, asis readily apparent from the disclosure. One of ordinary skill in theart will recognize that the disclosed invention(s) may be practiced withvarious modifications and alterations, such as structural, logical,software, and electrical modifications. Although particular features ofthe disclosed invention(s) may be described with reference to one ormore particular embodiments and/or drawings, it should be understoodthat such features are not limited to usage in the one or moreparticular embodiments or drawings with reference to which they aredescribed, unless expressly specified otherwise.

The present disclosure is neither a literal description of allembodiments of the invention nor a listing of features of the inventionwhich must be present in all embodiments.

Neither the Title (set forth at the beginning of the first page of thispatent application) nor the Abstract (set forth at the end of thispatent application) is to be taken as limiting in any way as the scopeof the disclosed invention(s). An Abstract has been included in thisapplication merely because an Abstract of not more than 150 words isrequired under 37 C.F.R. § 1.72(b).

The title of this patent application and headings of sections providedin this patent application are for convenience only, and are not to betaken as limiting the disclosure in any way.

Devices that are described as in communication with each other need notbe in continuous communication with each other, unless expresslyspecified otherwise. On the contrary, such devices need only transmit toeach other as necessary or desirable, and may actually refrain fromexchanging data most of the time. For example, a machine incommunication with another machine via the Internet may not transmitdata to the other machine for long period of time (e.g. weeks at atime). In addition, devices that are in communication with each othermay communicate directly or indirectly through one or moreintermediaries.

A description of an embodiment with several components or features doesnot imply that all or even any of such components/features are required.On the contrary, a variety of optional components are described toillustrate the wide variety of possible embodiments of the presentinvention(s). Unless otherwise specified explicitly, nocomponent/feature is essential or required.

Although process steps, algorithms or the like may be described in asequential order, such processes may be configured to work in differentorders. In other words, any sequence or order of steps that may beexplicitly described does not necessarily indicate a requirement thatthe steps be performed in that order. On the contrary, the steps ofprocesses described herein may be performed in any order practical.Further, some steps may be performed simultaneously despite beingdescribed or implied as occurring non-simultaneously (e.g., because onestep is described after the other step). Moreover, the illustration of aprocess by its depiction in a drawing does not imply that theillustrated process is exclusive of other variations and modificationsthereto, does not imply that the illustrated process or any of its stepsare necessary to the invention, and does not imply that the illustratedprocess is preferred.

Although a process may be described as including a plurality of steps,that does not imply that all or any of the steps are essential orrequired. Various other embodiments within the scope of the describedinvention(s) include other processes that omit some or all of thedescribed steps. Unless otherwise specified explicitly, no step isessential or required.

Although a product may be described as including a plurality ofcomponents, aspects, qualities, characteristics and/or features, thatdoes not indicate that all of the plurality are essential or required.Various other embodiments within the scope of the described invention(s)include other products that omit some or all of the described plurality.

Unless expressly specified otherwise, an enumerated list of items (whichmay or may not be numbered) does not imply that any or all of the itemsare mutually exclusive. Therefore it is possible, but not necessarilytrue, that something can be considered to be, or fit the definition of,two or more of the items in an enumerated list. Also, an item in theenumerated list can be a subset (a specific type of) of another item inthe enumerated list. For example, the enumerated list “a computer, alaptop, a PDA” does not imply that any or all of the three items of thatlist are mutually exclusive—e.g., an item can be both a laptop and acomputer, and a “laptop” can be a subset of (a specific type of) a“computer”.

Likewise, unless expressly specified otherwise, an enumerated list ofitems (which may or may not be numbered) does not imply that any or allof the items are collectively exhaustive or otherwise comprehensive ofany category. For example, the enumerated list “a computer, a laptop, aPDA” does not imply that any or all of the three items of that list arecomprehensive of any category.

Further, an enumerated listing of items does not imply that the itemsare ordered in any manner according to the order in which they areenumerated.

In a claim, a limitation of the claim which includes the phrase “meansfor” or the phrase “step for” means that 35 U.S.C. § 112, paragraph 6,applies to that limitation.

In a claim, a limitation of the claim which does not include the phrase“means for” or the phrase “step for” means that 35 U.S.C. § 112,paragraph 6 does not apply to that limitation, regardless of whetherthat limitation recites a function without recitation of structure,material or acts for performing that function. For example, in a claim,the mere use of the phrase “step of” or the phrase “steps of” inreferring to one or more steps of the claim or of another claim does notmean that 35 U.S.C. § 112, paragraph 6, applies to that step(s).

With respect to a means or a step for performing a specified function inaccordance with 35 U.S.C. § 112, paragraph 6, the correspondingstructure, material or acts described in the specification, andequivalents thereof, may perform additional functions as well as thespecified function.

Computers, processors, computing devices and like products arestructures that can perform a wide variety of functions. Such productscan be operable to perform a specified function by executing one or moreprograms, such as a program stored in a memory device of that product orin a memory device which that product accesses. Unless expresslyspecified otherwise, such a program need not be based on any particularalgorithm, such as any particular algorithm that might be disclosed inthis patent application. It is well known to one of ordinary skill inthe art that a specified function may be implemented via differentalgorithms, and any of a number of different algorithms would be a meredesign choice for carrying out the specified function.

Therefore, with respect to a means or a step for performing a specifiedfunction in accordance with 35 U.S.C. § 112, paragraph 6, structurecorresponding to a specified function includes any product programmed toperform the specified function. Such structure includes programmedproducts which perform the function, regardless of whether such productis programmed with (i) a disclosed algorithm for performing thefunction, (ii) an algorithm that is similar to a disclosed algorithm, or(iii) a different algorithm for performing the function.

The present disclosure provides, to one of ordinary skill in the art, anenabling description of several embodiments and/or inventions. Some ofthese embodiments and/or inventions may not be claimed in this patentapplication, but may nevertheless be claimed in one or more continuingapplications that claim the benefit of priority of this patentapplication. Applicants intend to file additional applications to pursuepatents for subject matter that has been disclosed and enabled but notclaimed in this patent application.

1. An apparatus comprising: a processor; and a computer readable mediumin communication with the processor; in which the computer readablemedium stores instructions which, when executed by the processor, directthe processor to run a massive multi player online game that is operableto simultaneously support a plurality of players via a plurality ofvideo game devices, in which each of the players controls at least oneplayer character, store data about a Venture Capital (“VC”) entitycomprising a plurality of members; direct the VC entity to enter into aVC fund agreement; wherein the VC entity provides virtual funds to avirtual fund recipient so that the virtual fund recipient may engage ina predetermined virtual venture; and poll the members of the VC entityas to whether or not the virtual fund recipient should receive VCfunding from the VC entity.
 2. The apparatus of claim 1 wherein theinstructions, when executed by the processor, direct the processor toreceive an investment proposal from a virtual entity desiring to receiveVC funding from the VC entity and provide the investment proposal to theVC entity members.
 3. The apparatus of claim 1 wherein the instructions,when executed by the processor, direct the processor to determine if theinvestment proposal meets predetermined criteria.
 4. The apparatus ofclaim 3, wherein the instructions, when executed by the processor,direct the processor to provide VC fund licenses to VC entities.
 5. Theapparatus of claim 4 wherein the VC fund license specifies certainrequirements that must be met by a virtual entity in order for theentity to receive funding from the VC entity.
 6. The apparatus of claim5 wherein the predetermined criteria comprises the requirementsspecified by the VC fund license.
 7. The apparatus of claim 6 whereinthe instructions, when executed by the processor, direct the processorto provide an investment proposal to the VC entity members only when thevirtual entity submitting the proposal meets the requirements specifiedby the VC fund license.
 8. A method performed by a computer, the methodcomprising: running, by a Video Game Central Server, a massive multiplayer online game that is operable to simultaneously support aplurality of players via a plurality of video game devices, in whicheach of the players controls at least one player character, providing,by the Video Game Central Server, a virtual environment in which virtualentities can interact; receiving, by the Video Game Central Server, aVenture Capital (“VC”) funding proposal from a virtual recipient-entitydesiring to receive virtual funds from a VC entity in order to enterinto a venture; and polling, by the Video Game Central Server, membersof the VC entity as to whether or not to provide funds to therecipient-entity.
 9. The method of claim 8 wherein polling members ofthe VC fund comprises receiving a single vote from one or more membersof the VC entity.
 10. The method of claim 9 further comprising weighingeach vote equally.
 11. The method of claim 9 further comprisingweighting the votes of some members more heavily than others.
 12. Themethod of claim 8 further comprising determining criteria that must bemet by a proposal in order for the proposal to be sent to the membersfor polling.
 13. The method of claim 12 further comprising determiningif the VC funding proposal meets the criteria.
 14. The method of claim12 wherein determining criteria that must be met comprises determiningthe field of the venture.
 15. The method of claim 12 wherein determiningcriteria that must be met comprises determining resources available tothe recipient-entity.
 16. The method of claim 15 further comprisingproviding information related to the resources available to therecipient-entity to the members.
 17. The method of claim 12 whereindetermining criteria that must be met comprises determining skillsavailable to the recipient entity.
 18. The method of claim 17 furthercomprising providing, by the Video Game Central Server, informationrelated to the skills available to the recipient-entity to the members.19. The method of claim 8 further comprising determining, by the VideoGame Central Server, whether or not to release VC funds to therecipient-entity based on the results of the poll.
 20. The method ofclaim 13 further comprising releasing, by the Video Game Central Server,VC funds to the recipient entity.